PNC Financial Services Group Inc. lowered its stake in Nektar Therapeutics (NASDAQ:NKTR) by 26.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,483 shares of the biopharmaceutical company’s stock after selling 7,649 shares during the period. PNC Financial Services Group Inc.’s holdings in Nektar Therapeutics were worth $306,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of NKTR. Bridger Management LLC purchased a new position in Nektar Therapeutics during the first quarter valued at about $48,359,000. Norges Bank purchased a new position in Nektar Therapeutics during the fourth quarter valued at about $35,961,000. Cormorant Asset Management LLC raised its position in shares of Nektar Therapeutics by 161.4% in the first quarter. Cormorant Asset Management LLC now owns 2,000,000 shares of the biopharmaceutical company’s stock valued at $27,500,000 after buying an additional 1,234,844 shares during the last quarter. Primecap Management Co. CA raised its position in shares of Nektar Therapeutics by 1.1% in the first quarter. Primecap Management Co. CA now owns 20,010,086 shares of the biopharmaceutical company’s stock valued at $275,139,000 after buying an additional 225,800 shares during the last quarter. Finally, Bellevue Group AG bought a new position in shares of Nektar Therapeutics during the first quarter valued at $2,970,000. 96.91% of the stock is owned by hedge funds and other institutional investors.
Nektar Therapeutics (NASDAQ:NKTR) traded up 1.89% during mid-day trading on Friday, hitting $17.27. 692,818 shares of the stock traded hands. Nektar Therapeutics has a 12-month low of $9.92 and a 12-month high of $19.98. The stock has a 50 day moving average price of $18.21 and a 200 day moving average price of $15.73. The firm’s market cap is $2.36 billion.
Nektar Therapeutics (NASDAQ:NKTR) last posted its quarterly earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.36) EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 business earned $32.77 million during the quarter, compared to analyst estimates of $34.17 million. During the same period last year, the firm posted ($0.40) earnings per share. The company’s quarterly revenue was up 44.6% on a year-over-year basis. On average, analysts expect that Nektar Therapeutics will post ($1.11) earnings per share for the current fiscal year.
Several brokerages have weighed in on NKTR. Brean Capital began coverage on shares of Nektar Therapeutics in a research report on Friday. They set a “buy” rating and a $23.00 target price on the stock. Zacks Investment Research upgraded shares of Nektar Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday. Jefferies Group restated a “buy” rating on shares of Nektar Therapeutics in a research report on Thursday, September 8th. Finally, Piper Jaffray Cos. restated an “overweight” rating and set a $21.00 target price (up from $17.00) on shares of Nektar Therapeutics in a research report on Friday, August 5th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $20.75.
In related news, CAO Jillian B. Thomsen sold 100,000 shares of Nektar Therapeutics stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $15.09, for a total value of $1,509,000.00. Following the sale, the chief accounting officer now directly owns 106,809 shares in the company, valued at approximately $1,611,747.81. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Christopher A. Kuebler sold 7,500 shares of Nektar Therapeutics stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $19.13, for a total transaction of $143,475.00. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by insiders.
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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