Parallel Advisors LLC Sells 14,767 Shares of Nektar Therapeutics $NKTR

Key Points

• Parallel Advisors LLC has significantly cut its investment in Nektar Therapeutics by 93.3%, reducing its holdings to 1,053 shares after selling 14,767 shares in the second quarter.
• Nektar Therapeutics reported a loss of ($2.95) earnings per share for the last quarter, which was better than the expected loss of ($3.13), and had a revenue of $11.18 million surpassing the consensus estimate.
• Analysts remain optimistic with multiple "buy" ratings, raising target prices for Nektar Therapeutics, with an average target now at $91.67 indicating expected growth.

Parallel Advisors LLC reduced its position in shares of Nektar Therapeutics (NASDAQ:NKTR - Free Report) by 93.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,053 shares of the biopharmaceutical company's stock after selling 14,767 shares during the period. Parallel Advisors LLC's holdings in Nektar Therapeutics were worth $27,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Algert Global LLC purchased a new stake in shares of Nektar Therapeutics during the first quarter worth about $33,000. US Bancorp DE lifted its stake in shares of Nektar Therapeutics by 257.8% in the 1st quarter. US Bancorp DE now owns 50,085 shares of the biopharmaceutical company's stock worth $34,000 after purchasing an additional 36,085 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in shares of Nektar Therapeutics in the first quarter worth about $41,000. ProShare Advisors LLC grew its position in shares of Nektar Therapeutics by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 50,277 shares of the biopharmaceutical company's stock worth $47,000 after purchasing an additional 16,543 shares in the last quarter. Finally, Cerity Partners LLC purchased a new position in Nektar Therapeutics during the first quarter valued at $52,000. Hedge funds and other institutional investors own 75.88% of the company's stock.

Nektar Therapeutics Price Performance

NKTR stock opened at $58.50 on Friday. Nektar Therapeutics has a 12 month low of $6.45 and a 12 month high of $61.15. The firm's 50-day moving average is $34.28 and its 200 day moving average is $20.54. The company has a market capitalization of $1.11 billion, a PE ratio of -6.65 and a beta of 1.06.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. B. Riley lifted their target price on Nektar Therapeutics from $85.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. HC Wainwright lifted their price objective on shares of 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 target price on shares of Nektar Therapeutics in a research note on Friday, September 19th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $91.67.

Insider Activity

In other Nektar Therapeutics news, CEO Howard W. Robin sold 6,666 shares of the business's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $46.69, for a total value of $311,235.54. Following the completion of the transaction, the chief executive officer owned 49,342 shares in the company, valued at $2,303,777.98. The trade was a 11.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jonathan Zalevsky sold 1,721 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $33.52, for a total transaction of $57,687.92. Following the completion of the sale, the insider directly owned 17,462 shares in the company, valued at approximately $585,326.24. This trade represents a 8.97% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,178 shares of company stock worth $938,776. 5.25% of the stock is owned by insiders.

Nektar Therapeutics Profile

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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