SAN FRANCISCO – Robin Howard, president and CEO of Nektar Therapeutics (NASDAQ:NKTR), recently sold company stock, according to a recent SEC filing. The company's shares have seen an impressive 98% gain over the past year, although InvestingPro's analysis suggests that the price is currently below fair value. The transactions took place on December 17 and 18 and involved the sale of a total of 132,030 shares, for proceeds of approximately $131,649.
The shares were sold at prices between $0.99 and $1.01 each. Following these transactions, Howard directly holds 1,110,675 shares while his wife indirectly owns an additional 410 shares.
According to the filing, the sales were to cover tax liabilities associated with the transfer of restricted stock units and were not discretionary trades by Howard. Nektar Therapeutics faces financial challenges as analysts don't expect profitability this year. Still, the company has a solid balance sheet, with more cash than debt.
In other recent developments, Nektar Therapeutics has completed the sale of its Huntsville, Alabama manufacturing facility and related assets to an affiliate of Ampersand Capital Partners. This significant transaction is in line with Nektar's strategy to optimize operations and focus on core competencies in the pharmaceutical industry. The financial details of the transaction were not disclosed.
During its third-quarter 2024 earnings conference call, Nektar reported a net loss of $37 million, but forecast annual revenue between $90 million and $95 million. The company has a solid cash position of $249 million and expects this to increase to approximately $265 million by year-end.
In clinical development, Nektar's lead product Rezpegaldesleukin (REZPEG) is in Phase 2 trials, with key data expected in 2025. The Company's NKTR-165 and NKTR-422 programs are also advancing, targeting multiple sclerosis and autoimmune diseases. These recent developments underscore Nektar's commitment to advancing its immuno-oncology pipeline.
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