Nektar Therapeutics (NASDAQ:NKTR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Nektar has struck a clinical collaboration deal with Bristol-Myers under which the latter’s Opdivo will be evaluated in combination with Nektar’s NKTR-214 across five tumor types and seven potential indications. With this deal, Nektar is gaining a strong partner in the form of Bristol-Myers, a company with expertise in the field of immuno-oncology. Further, Nektar could expedite the development of NKTR-214, which is currently in a phase I/II study, in patients with solid tumors. Meanwhile, Nektar stands to receive significant sales milestone and royalty opportunity for Movantik under the AstraZeneca license agreement, which is likely to boost its financial position significantly. Moreover, if Nektar’s other partnered programs are successful, they could contribute to the company’s royalty streams as early as 2017. However, the company relies heavily on its partners for top line growth. Stiff competition is another concern.”
Several other equities analysts have also commented on NKTR. Brean Capital reaffirmed a “buy” rating on shares of Nektar Therapeutics in a research report on Wednesday, June 1st. Piper Jaffray Cos. reissued an “overweight” rating and set a $21.00 price target (up from $17.00) on shares of Nektar Therapeutics in a research report on Friday, August 5th. Finally, Jefferies Group reissued a “buy” rating on shares of Nektar Therapeutics in a research report on Thursday, September 8th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Nektar Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $19.50.
Shares of Nektar Therapeutics (NASDAQ:NKTR) opened at 17.31 on Thursday. The stock’s market capitalization is $2.37 billion. The firm has a 50-day moving average of $18.22 and a 200 day moving average of $15.72. Nektar Therapeutics has a 1-year low of $9.92 and a 1-year high of $19.98.
Nektar Therapeutics (NASDAQ:NKTR) last released its quarterly earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.03. Nektar Therapeutics had a negative net margin of 68.30% and a negative return on equity of 8,769.15%. The firm earned $32.77 million during the quarter, compared to the consensus estimate of $34.17 million. During the same quarter in the prior year, the business posted ($0.40) earnings per share. The firm’s quarterly revenue was up 44.6% on a year-over-year basis. Analysts predict that Nektar Therapeutics will post ($1.11) EPS for the current year.
In other news, CFO Gil M. Labrucherie sold 3,305 shares of Nektar Therapeutics stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $17.56, for a total transaction of $58,035.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Chess sold 12,000 shares of Nektar Therapeutics stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $19.21, for a total transaction of $230,520.00. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of NKTR. Mason Street Advisors LLC purchased a new position in Nektar Therapeutics during the second quarter valued at $379,000. Schwab Charles Investment Management Inc. raised its position in Nektar Therapeutics by 1.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 466,288 shares of the biopharmaceutical company’s stock valued at $6,636,000 after buying an additional 8,280 shares during the period. Amalgamated Bank raised its position in Nektar Therapeutics by 8.5% in the second quarter. Amalgamated Bank now owns 15,020 shares of the biopharmaceutical company’s stock valued at $258,000 after buying an additional 1,177 shares during the period. Legal & General Group Plc raised its position in Nektar Therapeutics by 15.6% in the second quarter. Legal & General Group Plc now owns 33,763 shares of the biopharmaceutical company’s stock valued at $472,000 after buying an additional 4,553 shares during the period. Finally, Arizona State Retirement System raised its position in Nektar Therapeutics by 1.6% in the second quarter. Arizona State Retirement System now owns 70,745 shares of the biopharmaceutical company’s stock valued at $1,007,000 after buying an additional 1,100 shares during the period. 96.91% of the stock is owned by hedge funds and other institutional investors.
Nektar Therapeutics Company Profile
Nektar Therapeutics is a biopharmaceutical company. The Company is engaged in the development of a pipeline of drug candidates that utilize its PEGylation and advanced polymer conjugate technology platforms, which are designed to enable the development of new molecular entities that target known mechanisms of action.
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