Nektar Therapeutics (NASDAQ:NKTR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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.”
Other equities analysts have also issued research reports about the company. Brean Capital reissued 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 objective (up previously 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 company. The stock has a consensus rating of “Buy” and an average price target of $21.75.
Shares of Nektar Therapeutics (NASDAQ:NKTR) opened at 17.18 on Thursday. The firm’s market capitalization is $2.35 billion. Nektar Therapeutics has a 52-week low of $9.92 and a 52-week high of $19.98. The company’s 50-day moving average is $18.21 and its 200 day moving average is $15.76.
Nektar Therapeutics (NASDAQ:NKTR) last announced its quarterly earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.03. Nektar Therapeutics had a negative return on equity of 8,769.15% and a negative net margin of 68.30%. The business earned $32.77 million during the quarter, compared to analysts’ expectations of $34.17 million. During the same period in the previous year, the business earned ($0.40) EPS. The business’s revenue was up 44.6% compared to the same quarter last year. Analysts expect that Nektar Therapeutics will post ($1.11) EPS for the current fiscal year.
In other news, CFO Gil M. Labrucherie sold 3,305 shares of Nektar Therapeutics stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $17.56, for a total value of $58,035.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher A. Kuebler sold 7,500 shares of Nektar Therapeutics stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $19.13, for a total value of $143,475.00. The disclosure for this sale can be found here. 6.10% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Mason Street Advisors LLC bought a new position in Nektar Therapeutics during the second quarter valued at about $379,000. Schwab Charles Investment Management Inc. increased its stake 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 last quarter. Amalgamated Bank increased its stake 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 last quarter. Legal & General Group Plc increased its stake 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 last quarter. Finally, Arizona State Retirement System increased its stake 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 last quarter. 96.91% of the stock is owned by hedge funds and other institutional investors.
About Nektar Therapeutics
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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