Nektar Therapeutics dips premarket after upsized $325 mln stock sale

Toronto-Dominion Bank

22/04/2026 13:09

** Nektar Therapeutics NKTR.O shares down 0.5% before the bell at $97.71 after co raises more equity than planned to fund its hair loss drug

** San Francisco, California-based firm late Tues announced selling ~3.5 mln shares at $92 for $325 mln gross proceeds

** NKTR shares jumped 18% to $100.35 on Mon after co said its treatment, rezpegaldesleukin, for alopecia areata showed signs of hair regrowth in mid-stage trial

** Subsequently, co late Mon commenced $250 mln offering. Its shares fell 2.2% on Tues to $98.16

** NKTR to use net offering proceeds for general purposes, including R&D, clinical development (including Phase 3 trials for rezpegaldesleukin in atopic dermatitis and alopecia areata) and manufacturing costs, among other uses

** Jefferies, TD Cowen and Piper Sandler joint bookrunners

** NKTR had ~29.7 mln shares outstanding prior to offering

** At Tues close, shares up 132% YTD

** 9 of 10 analysts rate stock "strong buy" or "buy", 1 "hold"; median PT $145, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))