Wedbush Cuts Nektar Therapeutics (NASDAQ:NKTR) Price Target to $80.00

Key Points

• Wedbush lowered its price target on Nektar Therapeutics to $80 from $95 while keeping a neutral rating, implying a slight downside from the current share price.
• Other analysts remain more bullish on NKTR, with multiple firms raising targets and the stock carrying an overall Moderate Buy consensus and average target price of $149.63.
• Nektar recently reported a wider-than-expected loss of $1.82 per share for the quarter, though revenue came in slightly above estimates at $10.86 million.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) had its price target reduced by research analysts at Wedbush from $95.00 to $80.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the biopharmaceutical company's stock. Wedbush's target price points to a potential downside of 2.31% from the company's current price.

Several other equities analysts have also recently issued reports on NKTR. Piper Sandler lifted their price objective on Nektar Therapeutics from $105.00 to $192.00 and gave the company an "overweight" rating in a research note on Friday. TD Cowen began coverage on Nektar Therapeutics in a research note on Tuesday, March 17th. They set a "buy" rating for the company. BTIG Research boosted their target price on Nektar Therapeutics from $151.00 to $178.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. HC Wainwright boosted their target price on Nektar Therapeutics from $165.00 to $185.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Finally, Citigroup boosted their target price on Nektar Therapeutics from $123.00 to $151.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. Nine 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 data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $149.63.

Nektar Therapeutics Stock Performance

Shares of NKTR opened at $81.89 on Monday. The stock has a 50-day simple moving average of $77.37 and a 200-day simple moving average of $60.96. The stock has a market capitalization of $2.76 billion, a PE ratio of -9.73 and a beta of 1.24. Nektar Therapeutics has a 1 year low of $7.99 and a 1 year high of $109.00.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.58) by ($0.24). The company had revenue of $10.86 million during the quarter, compared to analysts' expectations of $10.69 million. Nektar Therapeutics had a negative net margin of 284.18% and a negative return on equity of 308.94%. Analysts predict that Nektar Therapeutics will post -10.02 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Howard W. Robin sold 423 shares of the business's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $73.00, for a total transaction of $30,879.00. Following the completion of the sale, the chief executive officer owned 75,489 shares in the company, valued at $5,510,697. The trade was a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nektar Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in Nektar Therapeutics by 336.9% in 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 buying an additional 2,807,595 shares during the last quarter. BVF Inc. IL lifted its stake in Nektar Therapeutics by 22.2% in the fourth quarter. BVF Inc. IL now owns 1,559,595 shares of the biopharmaceutical company's stock valued at $65,940,000 after buying an additional 283,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in Nektar Therapeutics by 30.0% in the third quarter. Vanguard Group Inc. now owns 948,647 shares of the biopharmaceutical company's stock valued at $53,978,000 after buying an additional 219,155 shares during the last quarter. Farallon Capital Management LLC purchased a new stake in Nektar Therapeutics in the third quarter valued at approximately $45,008,000. Finally, Two Seas Capital LP purchased a new stake in Nektar Therapeutics in the fourth quarter valued at approximately $31,506,000. Hedge funds and other 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.

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