Nektar Therapeutics eases after boosted $400 mln share sale

Toronto-Dominion Bank

12/02/2026 14:17

** Nektar Therapeutics NKTR.O shares down 5.6% premarket to $62.63 after raising more equity than planned

    ** San Francisco, California-based firm late Weds sold ~6.9 mln shares, including 293,103 pre-funded warrants, at $58 for $400 mln gross proceeds

    ** Offering size increased from $300 mln; prices at 12.6% discount to stock's last close

    ** NKTR shares surged 51% on Tues after co earlier in the day said its eczema drug, rezpegaldesleukin, showed year-long benefit

    ** Stock jumped another 18% on Weds to notch its highest close since Aug 2022

    ** NKTR intends to use net offering proceeds for general corp purposes, including R&D, clinical development and Phase 3 trials for rezpegaldesleukin

** Jefferies, TD Cowen and Piper Sandler joint bookrunners

    ** Through Weds close, NKTR shares up 57% YTD; they closed at $10.96 a year ago

    ** 7 of 8 analysts rate stock "strong buy" or "buy", 1 "hold"; median PT $115, per LSEG data

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

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