Canaccord Genuity Group Inc. Increases Nektar Therapeutics (NKTR) Price Target to $50.00
Nektar Therapeutics (NASDAQ:NKTR) had its price objective raised by stock analysts at Canaccord Genuity Group Inc. from $35.00 to $50.00 in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group Inc.’s price target points to a potential upside of 11.28% from the stock’s previous close.
Several other equities research analysts have also issued reports on NKTR. Jefferies Group LLC reissued a “buy” rating and set a $23.00 target price on shares of Nektar Therapeutics in a research note on Friday, July 21st. Roth Capital set a $33.00 target price on shares of Nektar Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Cowen and Company began coverage on shares of Nektar Therapeutics in a research note on Tuesday, November 7th. They set an “outperform” rating on the stock. Canaccord Genuity began coverage on shares of Nektar Therapeutics in a research note on Thursday, November 9th. They set a “buy” rating and a $35.00 target price on the stock. Finally, BidaskClub lowered shares of Nektar Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $35.58.
Nektar Therapeutics (NKTR) traded up $1.86 during trading hours on Wednesday, reaching $44.93. 5,632,900 shares of the company’s stock traded hands, compared to its average volume of 1,629,120. Nektar Therapeutics has a one year low of $11.41 and a one year high of $45.76. The company has a debt-to-equity ratio of 2.91, a quick ratio of 3.99 and a current ratio of 4.14.
Nektar Therapeutics (NASDAQ:NKTR) last posted its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.21 by $0.16. Nektar Therapeutics had a negative net margin of 42.08% and a negative return on equity of 190.68%. The company had revenue of $152.90 million for the quarter, compared to analyst estimates of $126.50 million. During the same period in the prior year, the company earned ($0.32) earnings per share. The firm’s revenue was up 321.2% on a year-over-year basis. sell-side analysts anticipate that Nektar Therapeutics will post -0.75 earnings per share for the current year.
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In related news, CEO Howard W. Robin sold 83,333 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $21.54, for a total value of $1,794,992.82. Following the transaction, the chief executive officer now directly owns 235,837 shares of the company’s stock, valued at approximately $5,079,928.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Ivan P. Gergel sold 100,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $24.14, for a total transaction of $2,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 84,871 shares in the company, valued at $2,048,785.94. The disclosure for this sale can be found here. Insiders sold a total of 941,427 shares of company stock worth $24,663,626 over the last ninety days. 6.10% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System raised its holdings in Nektar Therapeutics by 1.0% in the 2nd quarter. Arizona State Retirement System now owns 80,945 shares of the biopharmaceutical company’s stock valued at $1,582,000 after acquiring an additional 800 shares during the last quarter. State of Wisconsin Investment Board acquired a new stake in Nektar Therapeutics in the 2nd quarter valued at about $2,248,000. Bank of New York Mellon Corp raised its holdings in Nektar Therapeutics by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,138,632 shares of the biopharmaceutical company’s stock valued at $41,812,000 after acquiring an additional 12,730 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Nektar Therapeutics by 9.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 952,443 shares of the biopharmaceutical company’s stock valued at $18,620,000 after acquiring an additional 79,510 shares during the last quarter. Finally, Piedmont Investment Advisors LLC raised its holdings in Nektar Therapeutics by 264.6% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 33,545 shares of the biopharmaceutical company’s stock valued at $656,000 after acquiring an additional 24,344 shares during the last quarter. Institutional investors own 94.97% of the company’s stock.
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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