Palumbo Wealth Management LLC Reduces Stock Position in Nektar Therapeutics $NKTR

Palumbo Wealth Management LLC cut its stake in Nektar Therapeutics (NASDAQ:NKTR) by 43.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 14,714 shares of the biopharmaceutical company’s stock after selling 11,440 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Nektar Therapeutics were worth $622,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Flagship Harbor Advisors LLC purchased a new stake in shares of Nektar Therapeutics in the fourth quarter valued at approximately $92,000. FNY Investment Advisers LLC grew its position in shares of Nektar Therapeutics by 99.8% in the fourth quarter. FNY Investment Advisers LLC now owns 5,200 shares of the biopharmaceutical company’s stock valued at $219,000 after purchasing an additional 2,598 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Nektar Therapeutics in the fourth quarter valued at approximately $463,000. Tudor Investment Corp ET AL purchased a new stake in shares of Nektar Therapeutics in the third quarter valued at approximately $309,000. Finally, Hudson Bay Capital Management LP purchased a new stake in shares of Nektar Therapeutics in the third quarter valued at approximately $6,127,000. 75.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. B. Riley Financial reiterated a “buy” rating and issued a $150.00 price objective (up from $105.00) on shares of Nektar Therapeutics in a report on Monday, February 23rd. HC Wainwright upped their price objective on Nektar Therapeutics from $135.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Citigroup upped their price objective on Nektar Therapeutics from $102.00 to $123.00 and gave the company a “buy” rating in a report on Monday, March 16th. Wedbush assumed coverage on Nektar Therapeutics in a report on Tuesday, March 24th. They issued a “neutral” rating and a $70.00 price objective on the stock. Finally, Piper Sandler reiterated an “overweight” rating and issued a $105.00 price objective on shares of Nektar Therapeutics in a report on Monday, January 26th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $128.13.

Nektar Therapeutics Trading Up 2.0%

Shares of NASDAQ NKTR opened at $76.24 on Wednesday. Nektar Therapeutics has a twelve month low of $6.45 and a twelve month high of $78.81. The stock has a fifty day simple moving average of $65.26 and a 200-day simple moving average of $57.07. The stock has a market capitalization of $2.19 billion, a PE ratio of -7.48 and a beta of 1.16.

Nektar Therapeutics (NASDAQ:NKTR) last issued its quarterly earnings data on Thursday, March 12th. The biopharmaceutical company reported ($1.78) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.69) by $0.91. Nektar Therapeutics had a negative return on equity of 386.16% and a negative net margin of 297.07%.The business had revenue of $21.81 million during the quarter, compared to analysts’ expectations of $10.44 million. On average, equities analysts predict that Nektar Therapeutics will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Howard W. Robin sold 423 shares of Nektar Therapeutics stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $73.00, for a total value of $30,879.00. Following the completion of the sale, the chief executive officer directly owned 75,489 shares of the company’s stock, valued at approximately $5,510,697. The trade was a 0.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jonathan Zalevsky sold 3,867 shares of Nektar Therapeutics stock in a transaction on Tuesday, January 20th. The shares were 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 $761,697.18. The trade was a 15.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 4,470 shares of company stock valued at $181,955 over the last ninety days. Insiders own 5.25% 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.