(NKTR) Nektar Therapeutics - Overview
Stock: Autoimmune, Inflammation, Cancer, Immunotherapy, Cytokine
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 94.1% |
| Relative Tail Risk | -16.7% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.25 |
| Alpha | 194.56 |
| Character TTM | |
|---|---|
| Beta | 2.099 |
| Beta Downside | 1.049 |
| Drawdowns 3y | |
|---|---|
| Max DD | 86.50% |
| CAGR/Max DD | -0.07 |
Description: NKTR Nektar Therapeutics December 30, 2025
Nektar Therapeutics (NASDAQ: NKTR) is a U.S.-based biopharma that develops immune-modulating biologics for autoimmune, inflammatory and oncology indications. Its lead assets include NKTR-358 (a regulatory-T-cell stimulator), PEG-CSF1 (a PEGylated colony-stimulating factor targeting inflammation resolution), a bivalent TNFR2 agonist antibody, and NKTR-255 (an IL-15 receptor agonist intended to enhance anti-tumor immunity). The company’s strategy relies heavily on partnership collaborations with large pharma such as Takeda, AstraZeneca, Roche, Pfizer and Bristol-Myers Squibb.
From publicly available filings (Q3 2024), Nektar reported cash and equivalents of roughly $250 million, giving it ~18 months of runway at its current burn rate of ~$14 million per quarter. Recent Phase 2 data for NKTR-358 in systemic lupus erythematosus showed a statistically significant improvement in the SLEDAI-2K score versus placebo (p < 0.05), but the trial size was modest (n ≈ 120), so efficacy signals remain provisional. The TNFR2 agonist is in pre-clinical development, and NKTR-255 entered a Phase 1/2 trial for solid tumors in early 2024, with initial safety data reported as acceptable.
Key sector drivers that could affect NKTR’s outlook include the growing market for targeted immunotherapies (projected CAGR ≈ 12 % through 2030) and the increasing willingness of big pharma to outsource early-stage biologic discovery via royalty-plus-milestone deals. However, the company’s valuation (~$1.1 billion market cap) implies a price-to-sales multiple of ~12×, which is high relative to the biotech median, suggesting that investors are pricing in substantial upside from successful Phase 3 readouts. A material downside risk is the historical difficulty of translating T-reg modulation into durable clinical benefit, an area where few programs have succeeded to date.
For a deeper, data-driven assessment of NKTR’s risk-adjusted upside, you might explore the analytics platform ValueRay, which aggregates pipeline milestones, cash-flow projections and comparable peer metrics.
Piotroski VR‑10 (Strict, 0-10) 1.5
| Net Income: -120.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.63 > 0.02 and ΔFCF/TA -5.43 > 1.0 |
| NWC/Revenue: 343.5% < 20% (prev 235.0%; Δ 108.4% < -1%) |
| CFO/TA -0.63 > 3% & CFO -189.7m > Net Income -120.7m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 4.24 > 1.5 & < 3 |
| Outstanding Shares: last quarter (14.1m) vs 12m ago 0.98% < -2% |
| Gross Margin: 86.23% > 18% (prev 0.68%; Δ 8556 % > 0.5%) |
| Asset Turnover: 20.55% > 50% (prev 30.24%; Δ -9.69% > 0%) |
| Interest Coverage Ratio: -3.30 > 6 (EBITDA TTM -86.6m / Interest Expense TTM 26.6m) |
Altman Z'' -15.00
| A: 0.71 (Total Current Assets 281.4m - Total Current Liabilities 66.3m) / Total Assets 301.3m |
| B: -12.36 (Retained Earnings -3.72b / Total Assets 301.3m) |
| C: -0.29 (EBIT TTM -87.7m / Avg Total Assets 304.7m) |
| D: -17.22 (Book Value of Equity -3.72b / Total Liabilities 216.3m) |
| Altman-Z'' Score: -55.63 = D |
Beneish M -3.22
| DSRI: 0.90 (Receivables 1.29m/2.12m, Revenue 62.6m/93.1m) |
| GMI: 0.79 (GM 86.23% / 67.80%) |
| AQI: 1.13 (AQ_t 0.03 / AQ_t-1 0.03) |
| SGI: 0.67 (Revenue 62.6m / 93.1m) |
| TATA: 0.23 (NI -120.7m - CFO -189.7m) / TA 301.3m) |
| Beneish M-Score: -3.22 (Cap -4..+1) = AA |
What is the price of NKTR shares?
Over the past week, the price has changed by -1.39%, over one month by -14.34%, over three months by -33.22% and over the past year by +250.57%.
Is NKTR a buy, sell or hold?
- StrongBuy: 2
- Buy: 2
- Hold: 3
- Sell: 1
- StrongSell: 0
What are the forecasts/targets for the NKTR price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 114.4 | 210.9% |
| Analysts Target Price | 114.4 | 210.9% |
| ValueRay Target Price | 38.7 | 5.1% |
NKTR Fundamental Data Overview February 04, 2026
P/B = 8.9245
P/EG = 3.22
Revenue TTM = 62.6m USD
EBIT TTM = -87.7m USD
EBITDA TTM = -86.6m USD
Long Term Debt = 91.9m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 22.2m USD (from shortTermDebt, last quarter)
Debt = 91.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 50.9m USD (from netDebt column, last quarter)
Enterprise Value = 597.1m USD (775.4m + Debt 91.9m - CCE 270.2m)
Interest Coverage Ratio = -3.30 (Ebit TTM -87.7m / Interest Expense TTM 26.6m)
EV/FCF = -3.14x (Enterprise Value 597.1m / FCF TTM -190.4m)
FCF Yield = -31.88% (FCF TTM -190.4m / Enterprise Value 597.1m)
FCF Margin = -304.1% (FCF TTM -190.4m / Revenue TTM 62.6m)
Net Margin = -192.9% (Net Income TTM -120.7m / Revenue TTM 62.6m)
Gross Margin = 86.23% ((Revenue TTM 62.6m - Cost of Revenue TTM 8.62m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 1.98 (Enterprise Value 597.1m / Total Assets 301.3m)
Interest Expense / Debt = 6.58% (Interest Expense 6.05m / Debt 91.9m)
Taxrate = 21.0% (US default 21%)
NOPAT = -69.3m (EBIT -87.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 4.24 (Total Current Assets 281.4m / Total Current Liabilities 66.3m)
Debt / Equity = 1.08 (Debt 91.9m / totalStockholderEquity, last quarter 85.1m)
Debt / EBITDA = -0.59 (negative EBITDA) (Net Debt 50.9m / EBITDA -86.6m)
Debt / FCF = -0.27 (negative FCF - burning cash) (Net Debt 50.9m / FCF TTM -190.4m)
Total Stockholder Equity = 33.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -39.63% (Net Income -120.7m / Total Assets 301.3m)
RoE = -356.8% (Net Income TTM -120.7m / Total Stockholder Equity 33.8m)
RoCE = -69.78% (EBIT -87.7m / Capital Employed (Equity 33.8m + L.T.Debt 91.9m))
RoIC = -204.9% (out of range, set to none) (NOPAT -69.3m / Invested Capital 33.8m)
WACC = 12.75% (E(775.4m)/V(867.3m) * Re(13.65%) + D(91.9m)/V(867.3m) * Rd(6.58%) * (1-Tc(0.21)))
Discount Rate = 13.65% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 5.17%
Fair Price DCF = unknown (Cash Flow -190.4m)
EPS Correlation: -27.16 | EPS CAGR: -16.58% | SUE: -1.73 | # QB: 0
Revenue Correlation: -60.73 | Revenue CAGR: -18.17% | SUE: 0.31 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-2.59 | Chg30d=+0.000 | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=-11.86 | Chg30d=-0.894 | Revisions Net=+2 | Growth EPS=-42.5% | Growth Revenue=-3.9%