(NKTR) Nektar Therapeutics - Overview

Sector: Healthcare | Industry: Biotechnology | Exchange: NASDAQ (USA) | Market Cap: 2.386m USD | Total Return: 572.8% in 12m

Immunotherapies, Autoimmune Medicines, Oncology Drugs, Biopharmaceuticals
Total Rating 37
Safety 31
Buy Signal -0.06
Biotechnology
Industry Rotation: -8.2
Market Cap: 2.39B
Avg Turnover: 62.2M
Risk 3d forecast
Volatility86.4%
VaR 5th Pctl12.5%
VaR vs Median-12.0%
Reward TTM
Sharpe Ratio1.63
Rel. Str. IBD97.6
Rel. Str. Peer Group95.5
Character TTM
Beta2.838
Beta Downside1.508
Hurst Exponent0.588
Drawdowns 3y
Max DD73.20%
CAGR/Max DD1.28
CAGR/Mean DD3.14
EPS (Earnings per Share) EPS (Earnings per Share) of NKTR over the last years for every Quarter: "2021-03": -0.67, "2021-06": -0.69, "2021-09": -0.7, "2021-12": -0.79, "2022-03": -0.49, "2022-06": -0.85, "2022-09": -0.31, "2022-12": -0.32, "2023-03": -0.32, "2023-06": -0.27, "2023-09": -0.24, "2023-12": -0.22, "2024-03": -0.19, "2024-06": -0.25, "2024-09": -0.18, "2024-12": -0.15, "2025-03": -0.2404, "2025-06": -2.95, "2025-09": -1.87, "2025-12": -1.2898, "2026-03": -1.783,
Last SUE: -0.21
Qual. Beats: 0
Revenue Revenue of NKTR over the last years for every Quarter: 2021-03: 23.647, 2021-06: 28.33, 2021-09: 24.921, 2021-12: 25.009, 2022-03: 24.822, 2022-06: 21.585, 2022-09: 23.625, 2022-12: 22.023, 2023-03: 21.594, 2023-06: 20.499, 2023-09: 24.144, 2023-12: 23.885, 2024-03: 21.639, 2024-06: 23.489, 2024-09: 24.124, 2024-12: 29.175, 2025-03: 10.46, 2025-06: 11.175, 2025-09: 11.79, 2025-12: 21.807, 2026-03: 10.861,
Rev. CAGR: -16.45%
Rev. Trend: -77.8%
Last SUE: 0.03
Qual. Beats: 0

Warnings

Share dilution 75.9% YoY

Interest Coverage Ratio -4.1 is critical

Beneish M-Score 0.07 > -1.5 - likely earnings manipulation

Altman Z'' -15.00 < 1.0 - financial distress zone

Below Avwap Earnings

Tailwinds

Leader

Description: NKTR Nektar Therapeutics

Nektar Therapeutics is a biopharmaceutical firm headquartered in San Francisco, California, specializing in immunotherapy treatments for autoimmune disorders, inflammatory diseases, and oncology. The company’s pipeline is led by rezpegaldesleukin, currently in Phase 2b clinical trials, alongside several early-stage candidates targeting multiple sclerosis, ulcerative colitis, and solid tumors.

The company operates within the high-risk, high-reward biotechnology sector, where business models often rely on strategic partnerships to fund capital-intensive research and development. Nektar maintains an extensive network of collaboration agreements with global pharmaceutical leaders, including Pfizer, AstraZeneca, and Bristol-Myers Squibb, to leverage shared resources for drug commercialization.

For a deeper dive into these partnership structures and pipeline valuations, ValueRay provides additional analytical tools. Investors should monitor the progression of Phase 2b data, as clinical trial outcomes are primary drivers of volatility for pre-revenue pharmaceutical stocks.

Headlines to Watch Out For
  • Rezpegaldesleukin Phase 2b clinical trial results determine primary valuation and investor confidence
  • Strategic collaboration with Eli Lilly provides essential R&D funding and milestone payments
  • NKTR-255 oncology pipeline progression influences long-term revenue growth and market expansion
  • Cash burn rate and liquidity management impact operational runway and share dilution
  • Regulatory outcomes for immunotherapy candidates dictate path toward commercialization and profitability
Piotroski VR-10 (Strict) 0.0
Net Income: -158.1m TTM > 0 and > 6% of Revenue
FCF/TA: -0.20 > 0.02 and ΔFCF/TA 23.89 > 1.0
NWC/Revenue: 955.1% < 20% (prev 182.2%; Δ 772.8% < -1%)
CFO/TA -0.27 > 3% & CFO -203.8m > Net Income -158.1m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 10.21 > 1.5 & < 3
Outstanding Shares: last quarter (24.7m) vs 12m ago 75.91% < -2%
Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin)
Asset Turnover: 10.91% > 50% (prev 34.05%; Δ -23.14% > 0%)
Interest Coverage Ratio: -4.15 > 6 (EBITDA TTM -120.1m / Interest Expense TTM 29.2m)
Altman Z'' -15.00
A: 0.70 (Total Current Assets 589.0m - Total Current Liabilities 57.7m) / Total Assets 763.3m
B: -4.99 (Retained Earnings -3.81b / Total Assets 763.3m)
C: -0.24 (EBIT TTM -120.9m / Avg Total Assets 509.8m)
D: -20.35 (Book Value of Equity -3.81b / Total Liabilities 187.1m)
Altman-Z'' = -34.64 = D
Beneish M 0.07
DSRI: 3.29 (Receivables 3.60m/1.71m, Revenue 55.6m/87.2m)
GMI: 0.75 (GM 98.99% / 74.12%)
AQI: 3.75 (AQ_t 0.22 / AQ_t-1 0.06)
SGI: 0.64 (Revenue 55.6m / 87.2m)
TATA: 0.06 (NI -158.1m - CFO -203.8m) / TA 763.3m)
Beneish M = 0.07 (Cap -4..+1) = D
What is the price of NKTR shares?

As of May 24, 2026, the stock is trading at USD 68.58 with a total of 576,939 shares traded.
Over the past week, the price has changed by -5.68%, over one month by -28.53%, over three months by -9.52% and over the past year by +572.83%.

Is NKTR a buy, sell or hold?

Nektar Therapeutics has received a consensus analysts rating of 3.63. Therefore, it is recommended to hold NKTR.

  • StrongBuy: 2
  • Buy: 2
  • Hold: 3
  • Sell: 1
  • StrongSell: 0

What are the forecasts/targets for the NKTR price?
Analysts Target Price 153.3 123.5%
Nektar Therapeutics (NKTR) - Fundamental Data Overview as of 19 May 2026
P/E Forward = 34.0136
P/S = 42.8877
P/B = 4.7939
P/EG = 0.3099
Revenue TTM = 55.6m USD
EBIT TTM = -120.9m USD
EBITDA TTM = -120.1m USD
Long Term Debt = 120.9m USD (estimated: total debt 143.4m - short term 22.5m)
Short Term Debt = 22.5m USD (from shortTermDebt, last quarter)
Debt = 229.2m USD (from shortLongTermDebtTotal, last quarter) + Leases 85.8m
Net Debt = -339.4m USD (calculated: Debt 229.2m - CCE 568.6m)
Enterprise Value = 2.05b USD (2.39b + Debt 229.2m - CCE 568.6m)
Interest Coverage Ratio = -4.15 (Ebit TTM -120.9m / Interest Expense TTM 29.2m)
EV/FCF = -13.62x (Enterprise Value 2.05b / FCF TTM -150.2m)
FCF Yield = -7.34% (FCF TTM -150.2m / Enterprise Value 2.05b)
 FCF Margin = -270.0% (FCF TTM -150.2m / Revenue TTM 55.6m)
 Net Margin = -284.2% (Net Income TTM -158.1m / Revenue TTM 55.6m)
 Gross Margin = unknown ((Revenue TTM 55.6m - Cost of Revenue TTM 561k) / Revenue TTM)
 Tobins Q-Ratio = 2.68 (Enterprise Value 2.05b / Total Assets 763.3m)
Interest Expense / Debt = 12.72% (Interest Expense 29.2m / Debt 229.2m)
Taxrate = 21.0% (US default 21%)
NOPAT = -95.5m (EBIT -120.9m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 8.70 (Total Current Assets 589.0m / Total Current Liabilities 67.7m)
Debt / Equity = 0.40 (Debt 229.2m / totalStockholderEquity, last quarter 576.2m)
 Debt / EBITDA = 2.83 (negative EBITDA) (Net Debt -339.4m / EBITDA -120.1m)
 Debt / FCF = 2.26 (negative FCF - burning cash) (Net Debt -339.4m / FCF TTM -150.2m)
 Total Stockholder Equity = 181.7m (last 4 quarters mean from totalStockholderEquity)
RoA = -31.01% (Net Income -158.1m / Total Assets 763.3m)
RoE = -3.97% (Net Income TTM -158.1m / Total Stockholder Equity 3.99b)
RoCE = -2.94% (EBIT -120.9m / Capital Employed (Equity 3.99b + L.T.Debt 120.9m))
 RoIC = -13.11% (negative operating profit) (NOPAT -95.5m / Invested Capital 728.1m)
 WACC = 15.45% (E(2.39b)/V(2.62b) * Re(15.97%) + D(229.2m)/V(2.62b) * Rd(12.72%) * (1-Tc(0.21)))
Discount Rate = 15.97% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 85.40 | Cagr: 34.32%
 [DCF] Fair Price = unknown (Cash Flow -150.2m)
 EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.21 | # QB: 0
Revenue Correlation: -77.77 | Revenue CAGR: -16.45% | SUE: 0.03 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-2.04 | Chg30d=+0.12% | Revisions=+33% | Analysts=4
EPS next Quarter (2026-09-30): EPS=-0.52 | Chg30d=+55.51% | Revisions=N/A | Analysts=4
EPS current Year (2026-12-31): EPS=-9.54 | Chg30d=+4.69% | Revisions=+0% | GrowthEPS=-10.2% | GrowthRev=-25.4%
EPS next Year (2027-12-31): EPS=-12.56 | Chg30d=-11.79% | Revisions=-43% | GrowthEPS=-31.6% | GrowthRev=-10.5%
[Analyst] Revisions Ratio: -43%