Nektar Therapeutics (NKTR)
Market Price (2/9/2026): $37.99 | Market Cap: $719.8 MilSector: Health Care | Industry: Biotechnology
Nektar Therapeutics (NKTR)
Market Price (2/9/2026): $37.99Market Cap: $719.8 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% | Weak multi-year price returns3Y Excs Rtn is -85% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -136 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -218% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% | Stock price has recently run up significantly12M Rtn12 month market price return is 263% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -33%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -51% | ||
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -303%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -304% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% | ||
| High stock price volatilityVol 12M is 185% | ||
| Key risksNKTR key risks include [1] a critical dependence on the clinical success of its lead candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -85% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -136 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -218% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 263% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -33%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -51% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -303%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -304% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% |
| High stock price volatilityVol 12M is 185% |
| Key risksNKTR key risks include [1] a critical dependence on the clinical success of its lead candidate, Show more. |
Qualitative Assessment
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Nektar Therapeutics (NKTR) stock has lost about 45% since 10/31/2025 because of the following key factors:
1. Top-line results from the Phase 2b REZOLVE-AA trial for rezpegaldesleukin in alopecia areata narrowly missed statistical significance. On December 16, 2025, Nektar Therapeutics announced that the 36-week induction period data from its Phase 2b REZOLVE-AA trial for rezpegaldesleukin in patients with severe-to-very-severe alopecia areata "narrowly missed statistical significance" for the primary endpoint. While subsequent analysis excluding certain patients did achieve statistical significance, the initial public perception of missing the primary endpoint likely contributed to a negative market reaction.
2. Ongoing litigation and allegations of misrepresentation have created uncertainty. Nektar Therapeutics faces significant challenges due to "ongoing litigation and allegations of misrepresentation surrounding its flagship product, REZPEG." This legal and reputational risk introduces uncertainty regarding the commercial viability and future development of their key drug candidate, dampening investor confidence.
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1. Top-line results from the Phase 2b REZOLVE-AA trial for rezpegaldesleukin in alopecia areata narrowly missed statistical significance. On December 16, 2025, Nektar Therapeutics announced that the 36-week induction period data from its Phase 2b REZOLVE-AA trial for rezpegaldesleukin in patients with severe-to-very-severe alopecia areata "narrowly missed statistical significance" for the primary endpoint. While subsequent analysis excluding certain patients did achieve statistical significance, the initial public perception of missing the primary endpoint likely contributed to a negative market reaction.
2. Ongoing litigation and allegations of misrepresentation have created uncertainty. Nektar Therapeutics faces significant challenges due to "ongoing litigation and allegations of misrepresentation surrounding its flagship product, REZPEG." This legal and reputational risk introduces uncertainty regarding the commercial viability and future development of their key drug candidate, dampening investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The -43.3% change in NKTR stock from 10/31/2025 to 2/8/2026 was primarily driven by a -25.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 2082026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.93 | 36.81 | -43.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 75 | 63 | -16.5% |
| P/S Multiple | 12.2 | 11.1 | -8.7% |
| Shares Outstanding (Mil) | 14 | 19 | -25.6% |
| Cumulative Contribution | -43.3% |
Market Drivers
10/31/2025 to 2/8/2026| Return | Correlation | |
|---|---|---|
| NKTR | -43.3% | |
| Market (SPY) | 1.3% | 33.1% |
| Sector (XLV) | 9.3% | 15.3% |
Fundamental Drivers
The 69.8% change in NKTR stock from 7/31/2025 to 2/8/2026 was primarily driven by a 218.8% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2082026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.68 | 36.81 | 69.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 87 | 63 | -28.3% |
| P/S Multiple | 3.5 | 11.1 | 218.8% |
| Shares Outstanding (Mil) | 14 | 19 | -25.8% |
| Cumulative Contribution | 69.8% |
Market Drivers
7/31/2025 to 2/8/2026| Return | Correlation | |
|---|---|---|
| NKTR | 69.8% | |
| Market (SPY) | 9.6% | 26.5% |
| Sector (XLV) | 21.5% | 20.2% |
Fundamental Drivers
The 196.6% change in NKTR stock from 1/31/2025 to 2/8/2026 was primarily driven by a 499.4% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2082026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.41 | 36.81 | 196.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 93 | 63 | -32.8% |
| P/S Multiple | 1.9 | 11.1 | 499.4% |
| Shares Outstanding (Mil) | 14 | 19 | -26.4% |
| Cumulative Contribution | 196.6% |
Market Drivers
1/31/2025 to 2/8/2026| Return | Correlation | |
|---|---|---|
| NKTR | 196.6% | |
| Market (SPY) | 15.8% | 22.0% |
| Sector (XLV) | 8.8% | 19.8% |
Fundamental Drivers
The -9.8% change in NKTR stock from 1/31/2023 to 2/8/2026 was primarily driven by a -34.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2082026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.80 | 36.81 | -9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 95 | 63 | -34.1% |
| P/S Multiple | 5.4 | 11.1 | 107.5% |
| Shares Outstanding (Mil) | 13 | 19 | -34.0% |
| Cumulative Contribution | -9.8% |
Market Drivers
1/31/2023 to 2/8/2026| Return | Correlation | |
|---|---|---|
| NKTR | -9.8% | |
| Market (SPY) | 76.2% | 23.5% |
| Sector (XLV) | 23.8% | 22.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NKTR Return | -21% | -83% | -75% | 65% | 203% | -17% | -86% |
| Peers Return | 10% | 17% | -3% | 4% | 24% | 10% | 76% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 81% |
Monthly Win Rates [3] | |||||||
| NKTR Win Rate | 33% | 25% | 50% | 42% | 58% | 0% | |
| Peers Win Rate | 50% | 57% | 48% | 58% | 60% | 90% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NKTR Max Drawdown | -36% | -85% | -81% | -13% | -47% | -17% | |
| Peers Max Drawdown | -11% | -9% | -20% | -18% | -15% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: INCY, BMY, AMGN, GILD, REGN. See NKTR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/6/2026 (YTD)
How Low Can It Go
| Event | NKTR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -98.3% | -25.4% |
| % Gain to Breakeven | 5923.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -48.2% | -33.9% |
| % Gain to Breakeven | 93.2% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -85.4% | -19.8% |
| % Gain to Breakeven | 583.3% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -81.4% | -56.8% |
| % Gain to Breakeven | 438.5% | 131.3% |
| Time to Breakeven | 510 days | 1,480 days |
Compare to INCY, BMY, AMGN, GILD, REGN
In The Past
Nektar Therapeutics's stock fell -98.3% during the 2022 Inflation Shock from a high on 2/17/2021. A -98.3% loss requires a 5923.2% gain to breakeven.
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About Nektar Therapeutics (NKTR)
Nektar Therapeutics, a biopharmaceutical company, focuses on discovering and developing medicines in areas of unmet medical need in the United States and internationally. The company's products include Bempegaldesleukin, a CD122-preferential interleukin-2 (IL-2) pathway agonist, which is in phase 3 clinical trial to treat metastatic melanoma, renal cell carcinoma, muscle-invasive bladder cancer, squamous cell carcinoma of the head and neck, and adjuvant melanoma; phase 2 clinical trial for the treatment of renal cell carcinoma, non-small cell lung cancer, and urothelial cancer; phase 1/2A clinical trial to treat squamous cell carcinoma of the head and neck; phase 1/2 clinical trial for the treatment of solid tumors; and phase 1B clinical trial to treat COVID-19. It is also developing NKTR-358, a cytokine Treg stimulant that is in phase 2 clinical trial for the treatment of systemic lupus erythematosus and ulcerative colitis, as well as phase 1B clinical trial to treat atopic dermatitis and psoriasis; NKTR-255, an IL-15 receptor agonist, which is in phase 1/2 clinical trial for the treatment of non-Hodgkin's lymphoma and multiple myeloma, and head and neck cancer and colorectal cancer; and NKTR-262, a toll-like receptor agonist that is in phase 1/2 clinical trial to treat solid tumors, as well as various other drug candidates. The company has collaboration agreements with Takeda Pharmaceutical Company Ltd.; AstraZeneca AB; UCB Pharma S.A.; F. Hoffmann-La Roche Ltd; Bausch Health Companies Inc.; Pfizer Inc.; Amgen Inc.; UCB Pharma (Biogen); Bristol-Myers Squibb Company; Baxalta Incorporated; Eli Lilly and Company; Merck KGaA; and SFJ Pharmaceuticals, Inc. Nektar Therapeutics was incorporated in 1990 and is headquartered in San Francisco, California.
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1. BlackBerry for biotech: A company that once had significant market excitement and promise for its innovative products (experimental drugs), but whose core offerings largely failed in clinical trials, leading to a drastic reduction in operations and a struggle to find its next successful path.
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- Adynovate (pegadacase): An extended half-life recombinant Factor VIII therapy for Hemophilia A, developed using Nektar's PEGylation technology and licensed to Takeda.
- Movantik/Moventig (naloxegol): An oral peripherally-acting mu-opioid receptor antagonist for opioid-induced constipation, developed using Nektar's technology and licensed to AstraZeneca.
- Cimzia (certolizumab pegol): A PEGylated TNF-alpha inhibitor for autoimmune diseases like Crohn's disease and rheumatoid arthritis, developed using Nektar's technology and licensed to UCB.
- Bempegaldesleukin (BEMPEG): Formerly Nektar's lead immuno-oncology asset, an IL-2 pathway agonist developed with BMS, which failed in multiple late-stage clinical trials and was discontinued.
- Rezpegaldesleukin (NKTR-358): An investigational IL-2 selective agonist developed with Eli Lilly for autoimmune diseases, currently in Phase 2 clinical trials.
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Nektar Therapeutics (NKTR) primarily sells to other companies, specifically larger pharmaceutical firms, through collaboration, licensing, and partnership agreements rather than directly to individuals. Their business model involves developing drug candidates and then partnering with other companies for further development, commercialization, and distribution, often receiving upfront payments, milestone payments, and potential royalties.
Based on recent financial reports, their major customer/partner for collaboration revenue is:
- Eli Lilly and Company (NYSE: LLY)
Historically, Bristol-Myers Squibb (BMS) was a significant partner, but that key collaboration was terminated in 2022.
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Howard W. Robin, President & Chief Executive Officer
Howard W. Robin joined Nektar Therapeutics in January 2007 and has over 40 years of successful biopharmaceutical experience. Prior to Nektar, he served as President and Chief Executive Officer of Sirna Therapeutics from 2001 to 2006, where he successfully re-launched the company, leading to its acquisition by Merck for $1.1 billion. Before Sirna, Mr. Robin spent 20 years at Berlex Laboratories, where he held positions including Corporate Vice President and General Manager of their U.S. Therapeutics division, and Vice President of Finance and Business Development and CFO.
Sandra Gardiner, Interim Chief Financial Officer
Sandra Gardiner was appointed acting Chief Financial Officer of Nektar Therapeutics in April 2023. She is a partner at FLG Partners, a CFO services firm, and brings over 30 years of experience as an EVP and CFO in both private and public Life Sciences companies. Her past roles include serving as CFO of Pulse Biosciences, Inc., a publicly traded medtech company, and holding CFO positions at VC-backed Aptus Endosystems, Inc., Ventus Medical, Inc., Vermillion, Inc., and Lipid Sciences, Inc. Ms. Gardiner has raised over $1 billion in capital and completed two M&A transactions.
Jonathan Zalevsky, Ph.D., Chief Research & Development Officer
Jonathan Zalevsky was appointed Nektar's Chief Research & Development Officer in October 2019 and joined the company in 2015. He has over 20 years of experience in the biotechnology and pharmaceutical industries. Prior to Nektar, Dr. Zalevsky was Global Vice President and Head of the Inflammation Drug Discovery Unit at Takeda Pharmaceuticals and held research and development positions at Xencor, where he oversaw the discovery and development of Xencor's first four clinical-stage assets.
John Northcott, Senior Vice President and Chief Commercial Officer
John Northcott joined Nektar Therapeutics in December 2019 as Senior Vice President and Chief Commercial Officer. He brings extensive commercial experience in oncology and other therapeutic areas. Before Nektar, Mr. Northcott served as the Chief Commercial Officer of Pharmacyclics from 2015 to 2019, where he led all commercial functions for Imbruvica. He also held commercial roles at Genentech and the Roche Group, including International Business Leader for Avastin.
Robert Bacci, Chief People Officer and Head of Quality & Facilities
Robert Bacci joined Nektar in 2001 and was appointed Chief People Officer and Head of Quality & Facilities in 2024. He has over 25 years of professional experience, including previous roles as an industrial hygienist and an affiliate faculty member in the MS Program in Organizational Leadership at Union University and Institute.
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The key risks to Nektar Therapeutics' business include its heavy reliance on successful clinical development and regulatory approvals, significant financial challenges, and intense competition within the biotechnology sector.
- Clinical Development and Regulatory Approval Risks: As a clinical-stage biopharmaceutical company, Nektar Therapeutics' viability is critically dependent on the successful outcome of its drug candidates in clinical trials and subsequent regulatory approvals. The inherent uncertainty of clinical trials means that delays or unfavorable results can severely impact the company's financial position and growth prospects. This risk is underscored by past setbacks, such as the failure of rezpegaldesleukin (NKTR-358) in a Phase II study for lupus, which led to its partner, Eli Lilly, discontinuing further development in that indication. The company's business will be significantly harmed if its lead candidates, particularly rezpegaldesleukin, do not continue to advance successfully through clinical studies. Furthermore, potential changes in regulatory standards, such as a higher bar for drug approvals under new FDA leadership, could further impact Nektar's pipeline.
- Financial Health and Capital Requirements: Nektar Therapeutics faces substantial financial challenges, characterized by consistent net losses and a negative Return on Invested Capital (ROIC), indicating that the company is not generating sufficient returns to cover its cost of capital. The company has significant future capital requirements to fund its ongoing research and development activities. This necessitates careful financial management and may require additional fundraising efforts, potentially through debt or equity financing, which could dilute existing shareholders' ownership or increase the company's debt burden. An Altman Z-Score placing the company in the distress zone suggests a potential risk of bankruptcy.
- Intense Competition and Market Dynamics: The biotechnology sector in which Nektar Therapeutics operates is highly competitive. The company faces competition from numerous established pharmaceutical companies and other biotechnology firms, many of which possess greater financial resources and more extensive research and development capabilities. This intense competition can significantly affect the success of Nektar's drug development programs, market penetration, and ability to achieve commercial success, even with approved therapies.
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Nektar Therapeutics (symbol: NKTR) is a biopharmaceutical company focused on developing novel therapies for autoimmune disorders, chronic inflammatory conditions, and cancer. The addressable markets for their main product candidates are as follows:
Rezpegaldesleukin (REZPEG, NKTR-358)
- Atopic Dermatitis: Approximately 30 million people in the United States are affected by atopic dermatitis. The global addressable market for atopic dermatitis is expected to reach nearly $30 billion by 2033.
- Alopecia Areata: Nearly 6.7 million people in the U.S. and 160 million worldwide develop alopecia areata in their lifetime. Nektar estimates a potential market opportunity of an additional $1 billion in the U.S. for Rezpegaldesleukin if it is introduced as the first biologic in the setting of alopecia areata.
NKTR-255
- Null
Bempegaldesleukin (BEMPEG, NKTR-214)
- Null
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Nektar Therapeutics (NKTR) is poised for potential future revenue growth over the next two to three years, primarily driven by the advancement and strategic development of its pipeline programs. The company's revenue currently stems from non-cash royalties following the sale of its manufacturing facility in December 2024. Here are 3-5 expected drivers of future revenue growth:- Advancement and Potential Commercialization of REZPEG in Atopic Dermatitis (AD): Rezpegaldesleukin (REZPEG) is Nektar's lead product candidate, and its Phase 2b REZOLVE-AD study for atopic dermatitis achieved statistical significance in June 2025. Nektar plans to advance REZPEG into Phase 3 development for AD, targeting a significant market with high unmet needs for new treatments. Further data from the RESOLVE-AD study is anticipated in Q1 2026.
- Progression and Market Entry of REZPEG in Alopecia Areata (AA): Top-line data from the Phase 2b RESOLVE-AA study for severe-to-very severe alopecia areata is expected in December 2025. Positive results could position REZPEG as the first biologic treatment for this condition, potentially opening up a new therapeutic option for patients and a new revenue stream for Nektar. The FDA has also granted Fast Track designation for this indication.
- Strategic Partnerships and Licensing for Pipeline Candidates: As a clinical-stage biotechnology company, Nektar is actively engaged in developing novel therapies. Future revenue growth is highly dependent on securing strategic partnerships for its lead programs, such as REZPEG, particularly as it moves into expensive Phase 3 trials. These collaborations can provide significant upfront payments, milestone payments, and future royalties.
- Development of NKTR-0165 (TNFR2 Agonist Antibody Program): Nektar is advancing NKTR-0165, its TNFR2 agonist antibody program, through IND-enabling studies in 2025, with an Investigational New Drug (IND) filing targeted for the end of the year. This program holds potential for treating multiple sclerosis, ulcerative colitis, and vitiligo, and successful progression could lead to future licensing agreements or commercialization opportunities.
- Expansion of REZPEG into New Indications like Type 1 Diabetes: Beyond dermatological conditions, Nektar plans to evaluate REZPEG in Type 1 Diabetes, with potential for clinical advancements in 2026. Successful expansion into new therapeutic areas could significantly broaden REZPEG's market potential and contribute to long-term revenue growth.
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Share Repurchases
No significant share repurchase programs or activities were identified for Nektar Therapeutics within the 3-5 year timeframe (2020-2025).
Share Issuance
- In July 2025, Nektar Therapeutics completed a public offering of common stock, raising $115 million in gross proceeds by selling 4,893,618 shares at $23.50 per share, with net proceeds of approximately $107.2 million.
- The company raised additional capital through an at-the-market (ATM) offering, with net proceeds of $34.3 million in September 2025 and $38.3 million in October 2025.
- In June 2024, the board approved an increase of 8,000,000 shares available for issuance under the Amended and Restated 2017 Performance Incentive Plan.
Inbound Investments
- In December 2020, Nektar sold rights to receive royalties on future worldwide sales of ADYNOVATE/ADYNOVI and MOVANTIK/MOVANTIG, with potential payments ranging from $210.0 million to $240.0 million depending on a 2025 threshold.
- An amendment to the 2020 Purchase and Sale Agreement in March 2024 removed the royalty cap in exchange for a $15.0 million payment to Nektar.
Outbound Investments
- In the first quarter of 2025, Nektar began accounting for its investment in a new portfolio company, Gannet BioChem, under the equity method, incurring non-cash losses from this investment in subsequent quarters of 2025.
- In November 2024, Nektar sold its commercial PEGylation manufacturing business in Huntsville, Alabama, to Ampersand Capital Partners for an enterprise value of $90 million, consisting of $70 million in cash and $20 million in equity ownership in the new company.
Capital Expenditures
Specific dollar amounts for capital expenditures were not readily available in the provided information. However, Nektar Therapeutics emphasizes significant multi-year capital commitment to advance its drug candidates through research and development.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 130.44 |
| Mkt Cap | 103.6 |
| Rev LTM | 21,714 |
| Op Inc LTM | 6,186 |
| FCF LTM | 6,464 |
| FCF 3Y Avg | 6,236 |
| CFO LTM | 7,323 |
| CFO 3Y Avg | 7,014 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.0% |
| Rev Chg 3Y Avg | 4.0% |
| Rev Chg Q | 2.9% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Mgn LTM | 25.0% |
| Op Mgn 3Y Avg | 22.2% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 33.9% |
| CFO/Rev 3Y Avg | 32.2% |
| FCF/Rev LTM | 28.9% |
| FCF/Rev 3Y Avg | 27.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 103.6 |
| P/S | 5.7 |
| P/EBIT | 14.3 |
| P/E | 19.4 |
| P/CFO | 16.0 |
| Total Yield | 5.9% |
| Dividend Yield | 1.3% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.2% |
| 3M Rtn | 20.2% |
| 6M Rtn | 38.3% |
| 12M Rtn | 40.7% |
| 3Y Rtn | 19.7% |
| 1M Excs Rtn | 3.5% |
| 3M Excs Rtn | 19.5% |
| 6M Excs Rtn | 30.8% |
| 12M Excs Rtn | 22.1% |
| 3Y Excs Rtn | -52.9% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Focuses on applying our expertise to develop novel drug candidates | 90 | ||||
| License, collaboration and other revenue | 2 | 0 | 56 | 17 | |
| Non-cash royalty revenue related to the sales of future royalties | 70 | 78 | 49 | 36 | |
| Product sales | 20 | 24 | 18 | 20 | |
| Royalty revenue | 31 | 41 | |||
| Total | 90 | 92 | 102 | 153 | 115 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Focuses on applying our expertise to develop novel drug candidates | -264 | ||||
| Total | -264 |
Price Behavior
Price Behavior
| Market Price | $36.81 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 05/03/1994 | |
| Distance from 52W High | -44.0% | |
| 50 Days | 200 Days | |
| DMA Price | $45.15 | $36.03 |
| DMA Trend | up | down |
| Distance from DMA | -18.5% | 2.2% |
| 3M | 1YR | |
| Volatility | 73.4% | 186.0% |
| Downside Capture | 273.21 | 230.89 |
| Upside Capture | 10.15 | 331.18 |
| Correlation (SPY) | 31.3% | 22.1% |
NKTR Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.92 | 0.41 | 1.84 | 2.02 | 2.08 | 2.16 |
| Up Beta | 0.02 | 2.00 | 4.46 | 2.79 | 1.86 | 1.96 |
| Down Beta | 1.13 | 0.58 | 2.17 | 1.58 | 1.00 | 1.46 |
| Up Capture | -42% | -232% | -73% | 308% | 1269% | 2875% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 9 | 18 | 28 | 67 | 119 | 331 |
| Down Capture | 269% | 266% | 231% | 139% | 153% | 113% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 11 | 23 | 33 | 58 | 131 | 403 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NKTR | |
|---|---|---|---|---|
| NKTR | 253.0% | 185.3% | 1.25 | - |
| Sector ETF (XLV) | 7.7% | 17.3% | 0.27 | 19.7% |
| Equity (SPY) | 15.4% | 19.4% | 0.61 | 21.9% |
| Gold (GLD) | 73.9% | 24.8% | 2.19 | -6.3% |
| Commodities (DBC) | 8.9% | 16.6% | 0.34 | -8.9% |
| Real Estate (VNQ) | 4.6% | 16.5% | 0.10 | 12.9% |
| Bitcoin (BTCUSD) | -27.1% | 44.7% | -0.57 | 12.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NKTR | |
|---|---|---|---|---|
| NKTR | -33.6% | 119.0% | 0.12 | - |
| Sector ETF (XLV) | 8.1% | 14.5% | 0.37 | 22.3% |
| Equity (SPY) | 14.4% | 17.0% | 0.68 | 24.9% |
| Gold (GLD) | 21.4% | 16.9% | 1.03 | 2.2% |
| Commodities (DBC) | 11.5% | 18.9% | 0.49 | 2.8% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 21.1% |
| Bitcoin (BTCUSD) | 16.1% | 58.0% | 0.49 | 12.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NKTR | |
|---|---|---|---|---|
| NKTR | -15.1% | 95.3% | 0.22 | - |
| Sector ETF (XLV) | 10.9% | 16.5% | 0.54 | 25.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 25.9% |
| Gold (GLD) | 15.7% | 15.5% | 0.84 | 0.6% |
| Commodities (DBC) | 8.0% | 17.6% | 0.37 | 6.5% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.25 | 19.4% |
| Bitcoin (BTCUSD) | 68.7% | 66.7% | 1.08 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | 1.5% | -2.1% | 6.6% |
| 8/7/2025 | 6.0% | 22.7% | 103.8% |
| 3/12/2025 | -0.6% | 9.4% | -39.1% |
| 11/7/2024 | 2.2% | -14.6% | -26.3% |
| 8/8/2024 | -8.3% | -1.7% | -2.5% |
| 3/4/2024 | -1.8% | -7.6% | 15.6% |
| 11/7/2023 | -8.8% | -6.9% | -7.4% |
| 8/8/2023 | -8.9% | -19.1% | -40.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 7 | 6 |
| # Negative | 8 | 14 | 15 |
| Median Positive | 4.5% | 9.3% | 10.2% |
| Median Negative | -5.3% | -6.9% | -16.6% |
| Max Positive | 10.4% | 22.7% | 103.8% |
| Max Negative | -19.2% | -19.1% | -47.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zalevsky, Jonathan | Chief R&D Officer | Direct | Sell | 11252025 | 54.28 | 1,157 | 62,802 | 1,029,746 | Form |
| 2 | Wilson, Mark Andrew | Chief Legal Officer | Direct | Sell | 11252025 | 54.28 | 630 | 34,196 | 1,171,634 | Form |
| 3 | Robin, Howard W | President & CEO | Direct | Sell | 11252025 | 54.28 | 2,207 | 119,796 | 2,944,419 | Form |
| 4 | Robin, Howard W | President & CEO | Direct | Sell | 9112025 | 46.69 | 6,666 | 311,214 | 2,303,620 | Form |
| 5 | Zalevsky, Jonathan | Chief R&D Officer | Direct | Sell | 9082025 | 33.52 | 1,721 | 57,693 | 585,373 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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