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Nektar Therapeutics
(NASDAQ:NKTR)
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Rating:49Neutral
Price Target:
$43.00
▼(-41.71% Downside)
Action:Reiterated
Date:10/03/26
NKTR scores below average primarily due to weak financial performance (large losses and heavy cash burn) and poor technical momentum (price well below key moving averages with bearish indicators). These are partly offset by a more positive earnings-call outlook and recent corporate developments supporting the rezpeg clinical narrative and potential legal recovery, but near-term fundamentals and trend remain the main constraints.
Positive Factors
Durable Dermatology Efficacy
Rezpegaldesleukin’s durable efficacy and potential for less frequent maintenance could differentiate it in alopecia areata and atopic dermatitis. These findings support a stronger clinical profile, improve potential treatment convenience, and provide a foundation for the company’s expanding Phase 3 dermatology strategy.
Negative Factors
Heavy Cash Burn
Nektar is consuming substantial cash relative to its revenue scale, reflecting the cost of running a clinical-stage biotechnology business without broad product sales. Persistent negative operating and free cash flow can reduce financial flexibility over time and increase reliance on existing reserves or future financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable Dermatology Efficacy
Rezpegaldesleukin’s durable efficacy and potential for less frequent maintenance could differentiate it in alopecia areata and atopic dermatitis. These findings support a stronger clinical profile, improve potential treatment convenience, and provide a foundation for the company’s expanding Phase 3 dermatology strategy.
Read all positive factors
Nektar Therapeutics (NKTR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.36B
Dividend YieldN/A
Average Volume (3M)1.53M
Price to Earnings (P/E)―
Beta (1Y)3.53
Revenue Growth-27.15%
EPS Growth23.10%
CountryUS
Employees63
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-6.70
Shares Outstanding34,142,994
10 Day Avg. Volume2,157,552
30 Day Avg. Volume1,527,555
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)7.94
Price to Sales (P/S)12.91
P/FCF Ratio-3.42
Enterprise Value/Market Cap1.29
Enterprise Value/Revenue32.23
Enterprise Value/Gross Profit32.43
Enterprise Value/Ebitda-13.11
Forecast
1Y Price Target
$132.45Price Target Upside79.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)-8.03
Revenue Forecast (FY)$42.00M
Nektar Therapeutics Business Overview & Revenue Model
Company Description
Nektar Therapeutics is a biopharmaceutical firm dedicated to the global discovery and advancement of therapies addressing significant unmet medical requirements. Central to its robust pipeline is Bempegaldesleukin, a CD122-preferential interleukin...
How the Company Makes Money
Nektar Therapeutics primarily generates revenue from collaborations and licensing arrangements rather than product sales, because it has been a clinical-stage company without a broad commercial product portfolio. Under such agreements, revenue can...
Nektar Therapeutics Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call contained multiple substantial positive developments: initiation of the global Phase 3 program in atopic dermatitis, FDA-aligned registrational design for alopecia areata, strong Phase 2b signals (efficacy, durability, favorable safety), robust cash balance after a $350M offering, and encouraging market research supporting commercial potential. Offsetting these positives are expected higher R&D and G&A spend, a meaningful quarterly net loss, modest near-term revenue largely from non-cash royalties, a cash runway that covers key mid-2028 readouts but leaves limited buffer for delays, and an ongoing litigation matter. On balance the strategic, clinical, and financial highlights outweigh the risks described on the call.Positive Updates
Phase 3 Program Initiation for Atopic Dermatitis (Zenith AD)
Initiated global Phase 3 Zenith AD program for rezpeg in moderate-to-severe atopic dermatitis in July; first two pivotal studies (biologic and JAK inhibitor naive) began randomization in July with a 24-week induction and 28-week maintenance through week 52, evaluating monthly and quarterly maintenance dosing.
Negative Updates
Quarterly Net Loss and Ongoing Loss Profile
Net loss for Q2 2026 was $40.6 million, or $1.23 per share — typical for clinical-stage biotech but a continued drag on financials until product approvals and commercial revenues materialize.
Read all updates
Q2-2026 Updates
Positive
Negative
Phase 3 Program Initiation for Atopic Dermatitis (Zenith AD)
Initiated global Phase 3 Zenith AD program for rezpeg in moderate-to-severe atopic dermatitis in July; first two pivotal studies (biologic and JAK inhibitor naive) began randomization in July with a 24-week induction and 28-week maintenance through week 52, evaluating monthly and quarterly maintenance dosing.
Read all positive updates
Company Guidance
Management provided detailed 2026 financial and program guidance: at quarter end cash and investments were $1.02B (after an April underwritten offering that yielded $350M net), year‑end cash is now expected to be ~$815–$840M with a cash runway into Q3 2028; Q2 non‑cash royalty revenue was $10.1M and full‑year revenue is guided to $40–45M; Q2 R&D was $39.1M with full‑year R&D planned at $210–230M (including $5–10M noncash), Q2 G&A was $12.8M with full‑year G&A guided to $60–65M (including ~$5M noncash), Q2 noncash interest was $7.2M with full‑year noncash interest of ~$30–35M, and Q2 net loss was $40.6M (‑$1.23 per share). On the clinical side, Zenith AD Phase 3 began in July and is enrolling two pivotal ~510‑patient (adolescent/adult ≥12) studies randomized 2:1 to rezpeg 24 μg/kg q2w (24‑week induction + 28‑week maintenance evaluating monthly and quarterly dosing), a treatment‑experienced study starts by end‑September, top‑line AD Phase 3 data are expected mid‑2028 with a potential BLA submission in 2029; ZENITH AA (single registrational AA Phase 3) is planned to start early 2027 with ~850 patients randomized 2:1 (24 μg/kg q2w through 52 weeks) and data expected H2 2029; key earlier readouts include RESOLVE AA 24‑week off‑treatment data in Q4 and RESOLVE AD 52‑week off‑treatment data in Q1 next year, and management highlighted Phase 2/Phase 1 durability signals (up to ~9 months off‑treatment after 12 weeks, and up to a 5‑fold increase in EASI‑100 during a 36‑week maintenance period).Nektar Therapeutics Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
56
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 54.59M | 55.23M | 98.43M | 90.12M | 92.06M | 101.91M |
| Gross Profit | 54.24M | 55.23M | 67.74M | 53.48M | 70.42M | 77.01M |
| EBITDA | -134.23M | -137.00M | -86.70M | -243.11M | -323.04M | -461.82M |
| Net Income | -157.13M | -164.08M | -118.96M | -276.06M | -368.20M | -523.84M |
Balance Sheet | ||||||
| Total Assets | 1.10B | 280.41M | 303.85M | 398.03M | 710.60M | 1.12B |
| Cash, Cash Equivalents and Short-Term Investments | 684.34M | 245.75M | 255.23M | 303.62M | 504.98M | 733.96M |
| Total Debt | 135.93M | 148.91M | 102.56M | 117.78M | 131.50M | 143.18M |
| Total Liabilities | 192.01M | 190.57M | 243.11M | 267.05M | 343.96M | 437.68M |
| Stockholders Equity | 903.12M | 89.83M | 60.74M | 130.99M | 366.64M | 679.51M |
Cash Flow | ||||||
| Free Cash Flow | -234.05M | -208.68M | -177.18M | -193.47M | -309.68M | -427.65M |
| Operating Cash Flow | -233.79M | -208.51M | -175.71M | -192.61M | -304.01M | -412.66M |
| Investing Cash Flow | -844.40M | -1.20M | 142.57M | 139.56M | 365.83M | 202.78M |
| Financing Cash Flow | 1.07B | 180.57M | 42.12M | 30.00K | 1.51M | 36.24M |
Nektar Therapeutics Technical Analysis
Negative
73.77
Price Trends
65.85
Negative
65.82
Negative
65.27
Negative
Market Momentum
-7.96
Positive
21.87
Positive
9.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NKTR, the sentiment is Negative. The current price of 73.77 is above the 20-day moving average (MA) of 54.32, above the 50-day MA of 65.85, and above the 200-day MA of 65.27, indicating a bearish trend. The MACD of -7.96 indicates Positive momentum. The RSI at 21.87 is Positive, neither overbought nor oversold. The STOCH value of 9.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NKTR.
Nektar Therapeutics Risk Analysis
Nektar Therapeutics disclosed 46 risk factors in its most recent earnings report. Nektar Therapeutics reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nektar Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $7.02B | -19.41 | -34.15% | ― | -100.00% | -5.32% | |
54 Neutral | $1.73B | -11.28 | -49.73% | ― | 1083.56% | 30.89% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.22B | -8.75 | -35.35% | ― | ― | 28.64% | |
50 Neutral | $1.84B | -38.28 | -23.59% | ― | ― | 18.54% | |
49 Neutral | $1.36B | -5.95 | -37.99% | ― | -27.15% | 23.10% | |
47 Neutral | $646.32M | -3.01 | -50.12% | ― | -30.42% | -23.31% |
* Healthcare Sector Average
NKTR
Nektar Therapeutics
39.84
-17.56
-30.59%
WVE
Wave Life Sciences
3.28
-4.51
-57.89%
TRVI
Trevi Therapeutics
12.93
3.22
33.16%
ORIC
Oric Pharmaceuticals
11.81
-2.10
-15.10%
NUVB
Nuvation Bio
4.90
1.22
33.15%
PRAX
Praxis Precision Medicines
251.38
199.04
380.28%
Nektar Therapeutics Corporate Events
Business Operations and StrategyProduct-Related Announcements
Nektar shares long-term dermatology data on rezpegaldesleukin
Positive
Oct 1, 2026
On October 1, 2026, Nektar Therapeutics reported new long-term Phase 2b data for its Treg-targeting biologic rezpegaldesleukin in alopecia areata and atopic dermatitis, presented at the European Academy of Dermatology and Venereology Congress in V...
Financial DisclosuresLegal Proceedings
Nektar Wins $90 Million Verdict in Lilly Dispute
Positive
Sep 25, 2026
In August 2023, Nektar Therapeutics filed a complaint in the U.S. District Court for the Northern District of California against Eli Lilly and Company, alleging breach of contract and breach of the implied covenant of good faith and fair dealing t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.