Nektar Therapeutics (NASDAQ:NKTR) Reaches New 52-Week High – Here’s Why

Shares of Nektar Therapeutics (NASDAQ:NKTR) hit a new 52-week high on Wednesday . The stock traded as high as $74.89 and last traded at $73.82, with a volume of 1137081 shares trading hands. The stock had previously closed at $71.33.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NKTR shares. Jefferies Financial Group reissued a “buy” rating on shares of Nektar Therapeutics in a report on Wednesday, December 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Nektar Therapeutics in a research note on Monday, December 29th. BTIG Research raised their target price on shares of Nektar Therapeutics from $118.00 to $151.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Citigroup assumed coverage on shares of Nektar Therapeutics in a research report on Wednesday, November 26th. They issued a “buy” rating and a $102.00 price target on the stock. Finally, Wall Street Zen cut Nektar Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, November 16th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.86.

Nektar Therapeutics Stock Performance

The business’s 50 day moving average is $44.66 and its 200 day moving average is $47.65. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of -9.26 and a beta of 1.34.

Insider Activity

In related news, insider Jonathan Zalevsky sold 3,867 shares of the stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $35.67, for a total value of $137,935.89. Following the completion of the sale, the insider directly owned 21,354 shares of the company’s stock, valued at approximately $761,697.18. This represents a 15.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Howard W. Robin sold 2,207 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $54.28, for a total value of $119,795.96. Following the sale, the chief executive officer owned 54,245 shares of the company’s stock, valued at $2,944,418.60. The trade was a 3.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 7,861 shares of company stock worth $354,730. 3.71% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nektar Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its holdings in shares of Nektar Therapeutics by 336.9% during the 1st quarter. AQR Capital Management LLC now owns 3,640,851 shares of the biopharmaceutical company’s stock valued at $2,463,000 after acquiring an additional 2,807,595 shares in the last quarter. Farallon Capital Management LLC acquired a new stake in Nektar Therapeutics during the third quarter valued at $45,008,000. Two Seas Capital LP acquired a new stake in Nektar Therapeutics during the fourth quarter valued at $31,506,000. Prosight Management LP purchased a new position in Nektar Therapeutics in the fourth quarter valued at about $23,450,000. Finally, Two Sigma Investments LP increased its position in Nektar Therapeutics by 446.9% in the 3rd quarter. Two Sigma Investments LP now owns 434,237 shares of the biopharmaceutical company’s stock worth $24,708,000 after purchasing an additional 354,842 shares during the last quarter. Hedge funds and other institutional investors own 75.88% of the company’s stock.

About Nektar Therapeutics

Nektar Therapeutics (NASDAQ:NKTR) is a biopharmaceutical company dedicated to discovering and developing novel drug candidates through its proprietary chemistry and immunology platforms. The company focuses on polymer conjugate technology, which enables the creation of longer-acting versions of existing drugs, and on T-cell modulatory therapies aimed at harnessing the body’s immune system to treat cancer and other serious diseases.

Nektar’s product portfolio and pipeline include a range of clinical-stage and partnered programs.