Nektar Therapeutics (NASDAQ:NKTR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Nektar reported wider-than-expected loss in the second quarter of 2017 with revenue missing estimates. The launch of its drugs, Movantik and Adynovate, has been on track with both the products performing impressively. Additionally, regular partnerships have enhanced the company’s financial position. Nektar stands to receive significant sales milestone plus royalties for Movantik under the license agreement with AstraZeneca, which might substantially boost its financial position. Also, its recent co-development deal with Lilly for NKTR-358 is also encouraging. However, Nektar relies heavily on partners for revenues. Partnership-related setbacks may weigh heavily on the company, while disappointing products sales could leave an adverse impact on its financial results. Nektar also has a promising pipeline, with several updates lined up for the next several quarters. The company’s shares have outperformed the industry in the year so far.”
A number of other equities research analysts also recently commented on the company. BidaskClub downgraded Nektar Therapeutics from a “hold” rating to a “sell” rating in a report on Friday. Roth Capital set a $33.00 price objective on Nektar Therapeutics and gave the company a “buy” rating in a report on Wednesday. HC Wainwright assumed coverage on Nektar Therapeutics in a report on Monday. They issued a “buy” rating and a $31.00 price objective for the company. Jefferies Group LLC reiterated a “buy” rating and issued a $23.00 price objective on shares of Nektar Therapeutics in a report on Friday, July 21st. Finally, William Blair reiterated an “outperform” rating on shares of Nektar Therapeutics in a report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. Nektar Therapeutics currently has an average rating of “Buy” and a consensus price target of $26.78.
Shares of Nektar Therapeutics (NASDAQ NKTR) traded up 1.17% during trading on Friday, reaching $18.16. The company had a trading volume of 650,078 shares. The firm’s market capitalization is $2.82 billion. Nektar Therapeutics has a 12 month low of $11.41 and a 12 month high of $24.88. The stock has a 50 day moving average price of $20.60 and a 200 day moving average price of $18.28.
Nektar Therapeutics (NASDAQ:NKTR) last released its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by $0.04. The company had revenue of $34.60 million during the quarter, compared to the consensus estimate of $33.64 million. Nektar Therapeutics had a negative net margin of 157.14% and a negative return on equity of 1,223.34%. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.36) EPS. On average, equities research analysts forecast that Nektar Therapeutics will post ($1.02) EPS for the current year.
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In other Nektar Therapeutics news, CEO Howard W. Robin sold 8,388 shares of the stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $19.55, for a total value of $163,985.40. Following the completion of the sale, the chief executive officer now directly owns 160,884 shares in the company, valued at $3,145,282.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gil M. Labrucherie sold 3,179 shares of the stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $19.55, for a total value of $62,149.45. The disclosure for this sale can be found here. Insiders sold 159,803 shares of company stock valued at $3,328,247 over the last 90 days. Corporate insiders own 6.10% of the company’s stock.
Large investors have recently made changes to their positions in the company. Pinebridge Investments L.P. increased its stake in shares of Nektar Therapeutics by 366.9% in the second quarter. Pinebridge Investments L.P. now owns 93,694 shares of the biopharmaceutical company’s stock valued at $1,832,000 after buying an additional 73,628 shares during the period. UBS Asset Management Americas Inc. increased its stake in shares of Nektar Therapeutics by 212.6% in the second quarter. UBS Asset Management Americas Inc. now owns 309,917 shares of the biopharmaceutical company’s stock valued at $6,059,000 after buying an additional 210,761 shares during the period. Nicholas Investment Partners LP acquired a new stake in shares of Nektar Therapeutics during the second quarter valued at about $3,317,000. New York State Common Retirement Fund increased its stake in shares of Nektar Therapeutics by 38.0% in the second quarter. New York State Common Retirement Fund now owns 277,184 shares of the biopharmaceutical company’s stock valued at $5,419,000 after buying an additional 76,356 shares during the period. Finally, Thrivent Financial For Lutherans increased its stake in shares of Nektar Therapeutics by 11.2% in the second quarter. Thrivent Financial For Lutherans now owns 94,130 shares of the biopharmaceutical company’s stock valued at $1,840,000 after buying an additional 9,470 shares during the period. Institutional investors own 94.09% of the company’s stock.
Nektar Therapeutics Company Profile
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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