Nektar Therapeutics (NKTR) Upgraded to “Hold” by Zacks Investment Research
Nektar Therapeutics (NASDAQ:NKTR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Nektar has a promising pipeline, with several updates lined up for the next several quarters. Additionally, regular partnerships have enhanced the company’s financial position. Nektar stands to receive significant sales milestone payment plus royalties for Movantik under the license agreement with AstraZeneca. Also, its recent co-development deal with Lilly for NKTR-358 is encouraging. On the flip side, Nektar relies heavily on partners for revenues. Partnership-related setbacks may thus weigh heavily on the company, while disappointing products sales could leave an adverse impact on its financial results. Moreover, competition from various pharmaceutical and biotechnology companies is another matter of concern. Shares of the company have significantly outperformed the industry in the last one year.”
NKTR has been the subject of a number of other reports. Canaccord Genuity Group upped their price target on shares of Nektar Therapeutics from $35.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 15th. Cowen began coverage on shares of Nektar Therapeutics in a research report on Tuesday, November 7th. They issued an “outperform” rating for the company. Canaccord Genuity began coverage on shares of Nektar Therapeutics in a research report on Thursday, November 9th. They issued a “buy” rating and a $35.00 price target for the company. Roth Capital set a $45.00 price target on shares of Nektar Therapeutics and gave the stock a “buy” rating in a research report on Monday, November 13th. Finally, Mizuho reiterated a “buy” rating and issued a $45.00 price target (up from $30.00) on shares of Nektar Therapeutics in a research report on Wednesday, November 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $42.50.
Nektar Therapeutics (NASDAQ:NKTR) last posted its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.16. The business had revenue of $152.90 million during the quarter, compared to analyst estimates of $126.50 million. Nektar Therapeutics had a negative net margin of 42.08% and a negative return on equity of 190.68%. The company’s revenue was up 321.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.32) earnings per share. equities research analysts expect that Nektar Therapeutics will post -0.75 EPS for the current year.
In related news, CEO Howard W. Robin sold 83,334 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $23.57, for a total transaction of $1,964,182.38. Following the sale, the chief executive officer now owns 235,838 shares of the company’s stock, valued at $5,558,701.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Stephen K. Doberstein sold 396,323 shares of the company’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $29.00, for a total transaction of $11,493,367.00. Following the sale, the senior vice president now directly owns 52,016 shares in the company, valued at approximately $1,508,464. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 614,017 shares of company stock valued at $20,587,527. 5.44% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. J. Goldman & Company purchased a new stake in Nektar Therapeutics during the third quarter valued at $1,981,000. State of Tennessee Treasury Department purchased a new stake in Nektar Therapeutics during the fourth quarter valued at $1,736,000. Arizona State Retirement System raised its stake in Nektar Therapeutics by 1.0% during the second quarter. Arizona State Retirement System now owns 80,945 shares of the biopharmaceutical company’s stock valued at $1,582,000 after purchasing an additional 800 shares in the last quarter. Comerica Bank raised its stake in Nektar Therapeutics by 0.6% during the fourth quarter. Comerica Bank now owns 135,326 shares of the biopharmaceutical company’s stock valued at $1,992,000 after purchasing an additional 828 shares in the last quarter. Finally, Oxford Asset Management raised its stake in Nektar Therapeutics by 362.4% during the fourth quarter. Oxford Asset Management now owns 228,306 shares of the biopharmaceutical company’s stock valued at $3,870,000 after purchasing an additional 178,933 shares in the last quarter. 96.01% of the stock is currently owned by institutional investors.
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About Nektar Therapeutics
Nektar Therapeutics is a biopharmaceutical company that discovers and develops medicines in areas of high unmet medical need. The Company’s research and development pipeline of new investigational drugs includes treatments for cancer, auto-immune disease and chronic pain. It leverages its chemistry platform to discover and design new drug candidates.
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