Short Interest in Nkarta, Inc. (NASDAQ:NKTX) Drops By 16.5%

Nkarta, Inc. (NASDAQ:NKTX - Get Free Report) saw a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 7,850,000 shares, a decrease of 16.5% from the March 15th total of 9,400,000 shares. Based on an average daily volume of 1,480,000 shares, the days-to-cover ratio is currently 5.3 days. Approximately 12.2% of the company's shares are short sold.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on NKTX shares. Stifel Nicolaus dropped their price objective on Nkarta from $15.00 to $14.00 and set a "buy" rating for the company in a report on Thursday, March 27th. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price target on shares of Nkarta in a research note on Wednesday, April 9th. Finally, HC Wainwright reissued a "buy" rating and set a $18.00 price objective on shares of Nkarta in a research note on Thursday, March 27th. Six equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $14.86.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Invesco Ltd. bought a new position in shares of Nkarta during the 4th quarter worth approximately $30,000. Sequoia Financial Advisors LLC bought a new stake in Nkarta during the 4th quarter worth about $31,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Nkarta during the 1st quarter worth about $32,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Nkarta in the 4th quarter valued at about $37,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Nkarta in the fourth quarter valued at about $45,000. 80.54% of the stock is currently owned by institutional investors.

Nkarta Stock Performance

NKTX stock traded down $0.09 during mid-day trading on Friday, hitting $2.11. 455,993 shares of the company were exchanged, compared to its average volume of 1,094,512. The firm has a market cap of $149.72 million, a P/E ratio of -1.12 and a beta of 0.83. Nkarta has a 1-year low of $1.31 and a 1-year high of $8.33. The firm's 50 day simple moving average is $1.76 and its 200 day simple moving average is $2.41.

Nkarta (NASDAQ:NKTX - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.06. On average, equities research analysts predict that Nkarta will post -1.7 EPS for the current fiscal year.

Nkarta Company Profile

Nkarta, Inc, a clinical-stage biopharmaceutical company, develops and commercializes natural killer cell therapies for cancer and autoimmune disease treatment. The company's lead product candidate is NKX019, a chimeric antigen receptor-natural killer (CAR NK) targeting the CD19 antigen that is in Phase 1 clinical trial for the treatment of relapsed/refractory (r/r) non-hodgkin lymphoma, as well as for lupus nephritis.