Nektar Therapeutics (NASDAQ:NKTR) Coverage Initiated at Canaccord Genuity Group

Key Points

• Canaccord Genuity initiated coverage on Nektar Therapeutics with a Buy rating and a $153 price target, implying roughly 122.8% upside from the current price.
• Other analysts remain broadly positive, with multiple firms raising targets; MarketBeat says the stock has an overall Moderate Buy consensus and an average price target of $150.
• Nektar recently beat revenue expectations but missed EPS estimates in its latest earnings report, while shares were trading up 5.9% on Wednesday at $68.67.

Stock analysts at Canaccord Genuity Group began coverage on shares of Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) in a note issued to investors on Wednesday,Benzinga reports. The brokerage set a "buy" rating and a $153.00 price target on the biopharmaceutical company's stock. Canaccord Genuity Group's price target points to a potential upside of 122.80% from the company's current price.

A number of other equities research analysts have also recently commented on the company. Wedbush decreased their price objective on Nektar Therapeutics from $95.00 to $80.00 and set a "neutral" rating for the company in a research note on Monday, May 11th. HC Wainwright raised their target price on Nektar Therapeutics from $165.00 to $185.00 and gave the stock a "buy" rating in a report on Monday, April 20th. BTIG Research raised their target price on Nektar Therapeutics from $151.00 to $178.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Piper Sandler boosted their target price on Nektar Therapeutics from $105.00 to $192.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Finally, Citigroup upped their price target on Nektar Therapeutics from $123.00 to $151.00 and gave the company a "buy" rating in a research note on Tuesday, April 21st. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $150.00.

Nektar Therapeutics Trading Up 5.9%

NASDAQ:NKTR opened at $68.67 on Wednesday. The stock has a market capitalization of $2.32 billion, a P/E ratio of -8.16 and a beta of 1.13. Nektar Therapeutics has a 1 year low of $21.02 and a 1 year high of $109.00. The firm has a 50 day moving average of $65.60 and a 200-day moving average of $65.03.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.58) by ($0.24). The company had revenue of $10.86 million for the quarter, compared to analyst estimates of $10.69 million. Nektar Therapeutics had a negative return on equity of 85.40% and a negative net margin of 284.18%. As a group, analysts forecast that Nektar Therapeutics will post -9.37 EPS for the current fiscal year.

Insider Transactions at Nektar Therapeutics

In other Nektar Therapeutics news, CEO Howard W. Robin sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $60.32, for a total transaction of $603,200.00. Following the transaction, the chief executive officer owned 65,045 shares of the company's stock, valued at $3,923,514.40. The trade was a 13.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jonathan Zalevsky sold 5,681 shares of the business's stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $70.00, for a total transaction of $397,670.00. Following the transaction, the insider owned 9,756 shares in the company, valued at approximately $682,920. The trade was a 36.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 21,862 shares of company stock worth $1,379,205. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nektar Therapeutics

A number of institutional investors have recently made changes to their positions in NKTR. BNP Paribas Financial Markets boosted its holdings in Nektar Therapeutics by 93.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 434 shares of the biopharmaceutical company's stock worth $25,000 after buying an additional 210 shares during the period. KBC Group NV bought a new position in Nektar Therapeutics in the 1st quarter worth about $52,000. Deutsche Bank AG raised its stake in Nektar Therapeutics by 0.8% in the fourth quarter. Deutsche Bank AG now owns 90,743 shares of the biopharmaceutical company's stock valued at $3,837,000 after purchasing an additional 743 shares in the last quarter. FNY Investment Advisers LLC grew its position in Nektar Therapeutics by 15.8% in the second quarter. FNY Investment Advisers LLC now owns 5,500 shares of the biopharmaceutical company's stock worth $383,000 after acquiring an additional 750 shares in the last quarter. Finally, Bayforest Capital Ltd boosted its holdings in shares of Nektar Therapeutics by 51.3% in the 4th quarter. Bayforest Capital Ltd now owns 2,541 shares of the biopharmaceutical company's stock worth $107,000 after purchasing an additional 862 shares in the last quarter. Institutional investors own 75.88% of the company's stock.

Nektar Therapeutics Company Profile

Nektar Therapeutics NASDAQ: NKTR is a biopharmaceutical company dedicated to discovering and developing novel drug candidates through its proprietary chemistry and immunology platforms. The company focuses on polymer conjugate technology, which enables the creation of longer-acting versions of existing drugs, and on T-cell modulatory therapies aimed at harnessing the body's immune system to treat cancer and other serious diseases.

Nektar's product portfolio and pipeline include a range of clinical-stage and partnered programs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.