Palumbo Wealth Management LLC Takes Position in Nektar Therapeutics $NKTR

Key Points

• Palumbo Wealth Management LLC acquired a new position in Nektar Therapeutics with 23,772 shares valued at approximately $614,000, representing about 0.19% of the company.
• Several analysts have issued buy ratings for Nektar Therapeutics, with B. Riley and HC Wainwright raising price targets to $105.00 and $120.00, respectively, indicating strong confidence in the stock's growth potential.
• Nektar Therapeutics reported quarterly earnings of ($2.95) per share, which surpassed analysts' estimates and indicated improved revenue of $11.18 million, compared to expectations of $9.42 million.

Palumbo Wealth Management LLC acquired a new position in shares of Nektar Therapeutics (NASDAQ:NKTR - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,772 shares of the biopharmaceutical company's stock, valued at approximately $614,000. Palumbo Wealth Management LLC owned about 0.19% of Nektar Therapeutics at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Algert Global LLC bought a new position in Nektar Therapeutics during the 1st quarter worth approximately $33,000. US Bancorp DE increased its position in shares of Nektar Therapeutics by 257.8% during the first quarter. US Bancorp DE now owns 50,085 shares of the biopharmaceutical company's stock worth $34,000 after buying an additional 36,085 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Nektar Therapeutics during the first quarter worth $41,000. ProShare Advisors LLC lifted its holdings in Nektar Therapeutics by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 50,277 shares of the biopharmaceutical company's stock valued at $47,000 after buying an additional 16,543 shares during the period. Finally, Cerity Partners LLC acquired a new position in Nektar Therapeutics in the first quarter valued at $52,000. 75.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. B. Riley lifted their price objective on Nektar Therapeutics from $85.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday. HC Wainwright raised their target price on Nektar Therapeutics to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. Finally, BTIG Research reissued a "buy" rating and issued a $100.00 price target on shares of Nektar Therapeutics in a research note on Friday, September 19th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Nektar Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $91.67.

Nektar Therapeutics Price Performance

Shares of NKTR opened at $60.33 on Thursday. The stock has a 50-day moving average of $33.03 and a 200-day moving average of $19.87. The company has a market cap of $1.15 billion, a PE ratio of -6.86 and a beta of 1.06. Nektar Therapeutics has a one year low of $6.45 and a one year high of $61.15.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($2.95) earnings per share for the quarter, topping analysts' consensus estimates of ($3.13) by $0.18. The business had revenue of $11.18 million for the quarter, compared to the consensus estimate of $9.42 million. Nektar Therapeutics had a negative return on equity of 631.43% and a negative net margin of 163.17%. Analysts expect that Nektar Therapeutics will post -0.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nektar Therapeutics news, insider Jonathan Zalevsky sold 1,721 shares of the firm's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $33.52, for a total value of $57,687.92. Following the transaction, the insider directly owned 17,462 shares of the company's stock, valued at approximately $585,326.24. This trade represents a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Howard W. Robin sold 6,666 shares of Nektar Therapeutics stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $46.69, for a total transaction of $311,235.54. Following the transaction, the chief executive officer owned 49,342 shares of the company's stock, valued at $2,303,777.98. This represents a 11.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,178 shares of company stock worth $938,776. 5.25% of the stock is owned by company insiders.

About Nektar Therapeutics

Nektar Therapeutics, a biopharmaceutical company, focuses on discovering and developing medicines in the field of immunotherapy in the United States and internationally. The company is developing rezpegaldesleukin, a cytokine Treg stimulant that is in phase 2 clinical trial for the treatment of systemic lupus erythematosus and ulcerative colitis, as well as phase 2b clinical trial to treat atopic dermatitis and psoriasis; and NKTR-255, an IL-15 receptor agonist, which is in phase 1 clinical trial to boost the immune system's natural ability to fight cancer.

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