Nektar (NKTR) Says NKTR-102 Trial Did Not Achieve Statistical Significance

Nektar Therapeutics (NKTR) shares are currently halted in the extended session Tuesday following news that topline results from its Phase 3 BEACON study evaluating single-agent NKTR-102 in patients with advanced breast cancer did not achieve statistical significance.

The biopharmaceutical company said that in a topline analysis of 852 patients from the trial, the drug, NKTR-102, provided a 2.1 month improvement in median overall survival over patients on chemotherapy, but the effect was not statistically significant. Nektar also said that it is exploring potential paths forward for NKTR-102 in metastatic breast cancer with regulatory agencies.

During today’s trading session, NKTR opened lower but as of 9.58 a.m. ET hit an intraday high of $14.26 before declining to a low of $13.86 with its 52-week range being $10.10 to $17.53. Ticker closed at $14.13 on the Nasdaq on Tuesday.

Fundamentally, NKTR shows the following financial data:

  • $237.82 million in cash in most recent quarter
  • $441.62 million t-12 total assets
  • $36.33 million total equity
  • $200.71 million t-12 revenue
  • ($53.92) million annual net income
  • ($151.98) million free cash flow

On valuation measures, Nektar Therapeutics shares have a T-12 price/sales ratio of 9.21 and a price/book for the same period of 50.79. EPS is ($0.45). The name has a market cap of $1.87 billion and a median Wall Street price target of $20.00 with a high target of $21.00. Currently there are 7 analysts that rate NKTR a ‘Buy’. No analyst rates it a ‘Sell’.

In terms of share statistics, Nektar Therapeutics has a total of 131.38 million shares outstanding with 0.36% held by insiders and 90.70% held by institutions. The stock’s short interest currently stands at 9.81%, bringing the total number of shares sold short to 12.84 million.

Shares of the San Francisco California-based company are up 4.77% year-over-year ; down 9.23% year-to-date.

Nektar Therapeutics focuses on developing drug candidates that utilize its PEGylation and polymer conjugate technology platforms in the U.S. The firm was founded in 1990.

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