Zacks Investment Research upgraded shares of Nektar Therapeutics (NASDAQ:NKTR) from a hold rating to a strong-buy rating in a research note released on Monday morning, Zacks.com reports. The brokerage currently has $30.00 target price on the biopharmaceutical company’s stock.
According to Zacks, “Nektar has a promising pipeline with several regulatory updates/data-readouts lined up for the next several quarters. Moreover, regular partnerships have enhanced the company’s financial position. The blockbuster collaboration deal with Bristol-Myers for NKTR-214 significantly boosted Nektar’s cash resources. It also has encouraging co-development deals with other pharma companies. The deals boost revenues and reduce expenses by sharing research costs. On the flip side, Nektar relies heavily on partners for revenues. Partnership-related setbacks may thus weigh heavily on the company’s results in the future. Shares of the company have underperformed the industry in the past year.”
A number of other brokerages have also recently issued reports on NKTR. Goldman Sachs Group cut Nektar Therapeutics from a buy rating to a sell rating and dropped their price objective for the stock from $54.00 to $16.00 in a research note on Tuesday, October 8th. Mizuho initiated coverage on Nektar Therapeutics in a research note on Friday, January 10th. They set a hold rating and a $21.00 price objective on the stock. HC Wainwright reiterated a hold rating and set a $32.00 price objective on shares of Nektar Therapeutics in a research note on Friday, January 10th. Canaccord Genuity upped their price objective on Nektar Therapeutics from $20.00 to $24.00 and gave the stock a buy rating in a research note on Tuesday, November 12th. Finally, Oppenheimer initiated coverage on Nektar Therapeutics in a research note on Thursday, October 24th. They set a market perform rating and a $18.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $30.43.
NASDAQ:NKTR opened at $23.49 on Monday. Nektar Therapeutics has a twelve month low of $15.64 and a twelve month high of $47.11. The company has a quick ratio of 12.49, a current ratio of 12.60 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average price of $21.79 and a two-hundred day moving average price of $22.22. The company has a market cap of $4.92 billion, a P/E ratio of 6.21 and a beta of 2.60.
Nektar Therapeutics (NASDAQ:NKTR) last released its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.17. Nektar Therapeutics had a negative return on equity of 26.60% and a negative net margin of 352.83%. The firm had revenue of $29.22 million during the quarter, compared to the consensus estimate of $26.42 million. During the same quarter in the prior year, the firm posted ($0.56) EPS. The business’s revenue was up 5.3% on a year-over-year basis. As a group, analysts anticipate that Nektar Therapeutics will post -2.56 earnings per share for the current fiscal year.
In related news, CAO Jillian B. Thomsen sold 2,713 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $17.97, for a total value of $48,752.61. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jonathan Zalevsky sold 3,960 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $17.97, for a total value of $71,161.20. Following the completion of the sale, the insider now owns 291,697 shares in the company, valued at approximately $5,241,795.09. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,092 shares of company stock worth $1,017,533. Company insiders own 4.02% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of NKTR. Private Asset Management Inc. bought a new position in Nektar Therapeutics during the 4th quarter worth $423,000. Chevy Chase Trust Holdings Inc. increased its position in Nektar Therapeutics by 0.6% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 142,807 shares of the biopharmaceutical company’s stock worth $2,601,000 after buying an additional 819 shares during the period. State Street Corp increased its position in Nektar Therapeutics by 3.9% during the 3rd quarter. State Street Corp now owns 7,419,493 shares of the biopharmaceutical company’s stock worth $135,146,000 after buying an additional 276,983 shares during the period. Northern Trust Corp increased its position in Nektar Therapeutics by 7.5% during the 2nd quarter. Northern Trust Corp now owns 1,975,980 shares of the biopharmaceutical company’s stock worth $70,306,000 after buying an additional 138,524 shares during the period. Finally, Rhumbline Advisers increased its position in Nektar Therapeutics by 13.4% during the 3rd quarter. Rhumbline Advisers now owns 386,890 shares of the biopharmaceutical company’s stock worth $7,047,000 after buying an additional 45,741 shares during the period. Institutional investors and hedge funds own 99.77% of the company’s stock.
About Nektar Therapeutics
Nektar Therapeutics, a biopharmaceutical company, develops drug candidates for cancer, auto-immune disease, and chronic pain in the United States. The company develops NKTR-181, an orally-available mu-opioid analgesic molecule, which is in Phase III clinical trial for moderate to severe chronic pain; ONZEALD, a topoisomerase I inhibitor that is in Phase III clinical trial for advanced metastatic breast cancer in patients with brain metastases; and NKTR-214, a CD122-preferential interleukin-2 (IL-2) pathway agonist, which is in Phase I to treat immuno-oncology.
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