Nektar Therapeutics (NASDAQ:NKTR) Shares Down 5.1% - Here's What Happened

Key Points

• Nektar Therapeutics' shares dropped 5.1% during trading, closing at $55.79, and trading volume declined 29% from its average.
• Analysts maintain a consensus rating of "Moderate Buy" with an average price target of $88.33, with several brokerages issuing buy ratings and price targets as high as $120.00.
• The company reported a quarterly EPS of ($2.95), exceeding expectations, along with revenue of $11.18 million, which was above consensus estimates.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report)'s share price traded down 5.1% on Friday . The stock traded as low as $55.46 and last traded at $55.79. 642,364 shares were traded during mid-day trading, a decline of 29% from the average session volume of 900,861 shares. The stock had previously closed at $58.76.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. BTIG Research reissued a "buy" rating and issued a $100.00 price objective on shares of Nektar Therapeutics in a research note on Friday. HC Wainwright upped their price target on Nektar Therapeutics to $120.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Finally, B. Riley upped their target price on Nektar Therapeutics from $60.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Nektar Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $88.33.

Nektar Therapeutics Price Performance

The stock has a fifty day moving average price of $30.90 and a two-hundred day moving average price of $18.95. The company has a market cap of $1.05 billion, a P/E ratio of -6.27 and a beta of 1.06.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($2.95) earnings per share for the quarter, beating 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 business had revenue of $11.18 million for the quarter, compared to analysts' expectations of $9.42 million. Equities analysts predict that Nektar Therapeutics will post -0.72 earnings per share for the current fiscal year.

Insider Transactions at Nektar Therapeutics

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

Institutional Trading of Nektar Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC bought a new stake in Nektar Therapeutics in the first quarter worth about $33,000. US Bancorp DE raised its position in shares of Nektar Therapeutics by 257.8% in the first quarter. US Bancorp DE now owns 50,085 shares of the biopharmaceutical company's stock valued at $34,000 after purchasing an additional 36,085 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of Nektar Therapeutics during the 2nd quarter valued at $39,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Nektar Therapeutics during the 1st quarter valued at $41,000. Finally, ProShare Advisors LLC raised its stake in shares of Nektar Therapeutics by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 50,277 shares of the biopharmaceutical company's stock valued at $47,000 after purchasing an additional 16,543 shares during the period. Institutional investors own 75.88% of the company's stock.

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.