Nektar Therapeutics (NASDAQ:NKTR) Shares Gap Up - Here's What Happened

Key Points

• Nektar Therapeutics shares gapped up before trading, opening at $73.31 after closing at $69.36 and later trading around $70.28 on volume of 117,685 shares.
• Analyst sentiment is mostly bullish, with multiple firms recently issuing or raising buy-side ratings and price targets; the stock’s consensus rating is Moderate Buy with an average target price of $150.00.
• The company recently reported a wider-than-expected quarterly loss, missing EPS estimates, while insider selling and mixed institutional activity were also notable in the latest filings.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $69.36, but opened at $73.31. Nektar Therapeutics shares last traded at $70.28, with a volume of 117,685 shares.

Wall Street Analyst Weigh In

NKTR has been the subject of several analyst reports. Canaccord Genuity Group started coverage on shares of Nektar Therapeutics in a research report on Wednesday. They set a "buy" rating and a $153.00 price target for the company. Wedbush dropped their target price on shares of Nektar Therapeutics from $95.00 to $80.00 and set a "neutral" rating for the company in a report on Monday, May 11th. Wall Street Zen upgraded Nektar Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, May 17th. HC Wainwright upped their price target on Nektar Therapeutics from $165.00 to $185.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Finally, Piper Sandler lifted their price objective on Nektar Therapeutics from $105.00 to $192.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Nektar Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $150.00.

Nektar Therapeutics Stock Performance

The stock's 50-day moving average price is $65.37 and its two-hundred day moving average price is $65.41. The stock has a market capitalization of $2.40 billion, a PE ratio of -8.46 and a beta of 1.13.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) last issued its quarterly 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). Nektar Therapeutics had a negative net margin of 284.18% and a negative return on equity of 85.40%. The business had revenue of $10.86 million for the quarter, compared to analysts' expectations of $10.69 million. On average, analysts predict that Nektar Therapeutics will post -9.37 earnings per share for the current fiscal year.

Insider Activity at Nektar Therapeutics

In related news, insider Jonathan Zalevsky sold 5,681 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $70.00, for a total value of $397,670.00. Following the sale, the insider owned 9,756 shares in the company, valued at $682,920. This represents a 36.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Howard W. Robin sold 10,000 shares of the company'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 value of $603,200.00. Following the completion of the sale, the chief executive officer owned 65,045 shares in the company, valued at $3,923,514.40. The trade was a 13.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 21,862 shares of company stock valued at $1,379,205 over the last quarter. Company insiders own 2.50% of the company's stock.

Institutional Investors Weigh In On Nektar Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its holdings in shares of Nektar Therapeutics by 336.9% during the first quarter. AQR Capital Management LLC now owns 3,640,851 shares of the biopharmaceutical company's stock valued at $2,463,000 after acquiring an additional 2,807,595 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Nektar Therapeutics in the 1st quarter worth about $68,000. Rhumbline Advisers grew its position in Nektar Therapeutics by 23.3% during the 1st quarter. Rhumbline Advisers now owns 221,761 shares of the biopharmaceutical company's stock valued at $151,000 after purchasing an additional 41,948 shares during the last quarter. Marshall Wace LLP purchased a new stake in Nektar Therapeutics during the 2nd quarter valued at about $367,000. Finally, Headlands Technologies LLC bought a new stake in Nektar Therapeutics during the 2nd quarter valued at about $65,000. 75.88% of the stock is owned by institutional investors.

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.

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