NEKTAR THERAPEUTICS NKTR
COM NEW · Common Stock · CUSIP 640268306 · ISIN US6402683063
American healthcare company
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersSan Francisco, CA
- Founded1990
- Websitenektar.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.2m this quarter). Holder counts are more reliable. Shares outstanding: 20.3m as of 2025-10-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $42.28. Options: 10 managers hold calls ($36.6m notional), 10 hold puts ($26.8m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1 |
| Q4 2022 | 1 |
| Q1 2023 | 1 |
| Q2 2023 | 0 |
| Q3 2023 | 0 |
| Q4 2023 | 0 |
| Q1 2024 | 0 |
| Q2 2024 | 0 |
| Q3 2024 | 0 |
| Q4 2024 | 0 |
| Q1 2025 | 0 |
| Q2 2025 | 104 |
| Q3 2025 | 146 |
| Q4 2025 | 174 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 0 | 0 |
| Q1 2023 | 0 | 0 |
| Q2 2023 | 0 | 1 |
| Q3 2025 | 104 | 45 |
| Q4 2025 | 98 | 72 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $0 | $0 | — |
| Q2 2025 | $32.1m | $35.6m | 1.11 |
| Q3 2025 | $47.7m | $75.6m | 1.59 |
| Q4 2025 | $36.6m | $26.8m | 0.73 |
Biggest buyers
| Two Seas Capital LP | New | +745.2k |
| Prosight Management, LP | New | +554.6k |
| ARMISTICE CAPITAL, LLC | Added | +328.0k |
| Sofinnova Investments, Inc. | Added | +320.2k |
| Qube Research & Technologies Ltd | Added | +319.9k |
| Point72 Asset Management, L.P. | Added | +309.8k |
| BVF INC/IL | Added | +283.0k |
| Invesco Ltd. | Added | +241.3k |
| JANE STREET GROUP, LLC | New | +218.3k |
| BNP PARIBAS FINANCIAL MARKETS | Added | +209.9k |
Biggest sellers
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -541.6k |
| MORGAN STANLEY | Reduced | -362.7k |
| Nantahala Capital Management, LLC | Reduced | -305.6k |
| Jefferies Financial Group Inc. | Reduced | -191.3k |
| Woodline Partners LP | Reduced | -129.1k |
| Boxer Capital Management, LLC | Sold out | -125.0k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -105.7k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -91.9k |
| GREAT POINT PARTNERS LLC | Reduced | -89.3k |
| DIADEMA PARTNERS LP | Sold out | -75.0k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $17.4m410.6k shares |
| GROUP ONE TRADING LLC | Added | $5.8m138.2k shares |
| CITADEL ADVISORS LLC | Reduced | $3.9m91.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $2.7m62.7k shares |
| Stonepine Capital Management, LLC | New | $2.1m50.0k shares |
| Caption Management, LLC | Unchanged | $2.1m50.0k shares |
| Ikarian Capital, LLC | New | $1.5m36.3k shares |
| BOOTHBAY FUND MANAGEMENT, LLC | New | $422.8k10.0k shares |
| Point72 Asset Management, L.P. | Reduced | $380.5k9.0k shares |
| JANE STREET GROUP, LLC | Reduced | $274.8k6.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $15.4m364.4k shares |
| CITADEL ADVISORS LLC | Reduced | $3.7m88.0k shares |
| Caption Management, LLC | Reduced | $3.2m75.0k shares |
| Ikarian Capital, LLC | New | $1.5m36.3k shares |
| HRT FINANCIAL LP | Added | $1.0m24.7k shares |
| IMC-Chicago, LLC | New | $503.1k11.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $422.8k10.0k shares |
| BOOTHBAY FUND MANAGEMENT, LLC | New | $422.8k10.0k shares |
| Point72 Asset Management, L.P. | Reduced | $380.5k9.0k shares |
| GROUP ONE TRADING LLC | Reduced | $211.4k5.0k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| FMR LLC 13G · institution +3.9 pts · filed 2026-05-06 | 15.0% |
| Two Seas Capital LP 13G · institution +0.7 pts · filed 2026-09-28 | 9.8% |
| BlackRock, Inc. 13G · institution +6.2 pts · filed 2026-07-29 | 7.8% |
| BIOTECHNOLOGY VALUE FUND L P 13G · passive investor -2.7 pts · filed 2026-08-14 | 7.1% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-07-31 | 5.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC), SUSQUEHANNA SECURITIES, LLC (4.0%, 2026-02-13), Nantahala Capital Management, LLC (2.2%, 2025-11-14)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 3 | $24.9k | — |
| Q2 2024 | 0 | — | 4 | $76.4k | $23.4k |
| Q3 2024 | 0 | — | 3 | $35.1k | — |
| Q4 2024 | 0 | — | 3 | — | — |
| Q1 2025 | 0 | — | 3 | — | — |
| Q2 2025 | 0 | — | 3 | — | — |
| Q3 2025 | 0 | — | 3 | $938.8k | $859.7k |
| Q4 2025 | 0 | — | 3 | $216.8k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-11-25 | ROBIN HOWARD W President & CEO, director | Sold | $119.8k2.2k shares |
| 2025-11-25 | Zalevsky Jonathan Chief R&D Officer | Sold | $62.8k1.2k shares |
| 2025-11-25 | Wilson Mark Andrew Chief Legal Officer | Sold | $34.2k630 shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BVF INC/IL 2.22% of their portfolio | 1.6m $65.9m | Added +283.0k |
| VANGUARD GROUP INC 0.00% of their portfolio | 1.0m $43.4m | Added +78.4k |
| Two Seas Capital LP 1.85% of their portfolio | 745.2k $31.5m | New |
| BlackRock, Inc. 0.00% of their portfolio | 645.6k $27.3m | Added +36.5k |
| ARMISTICE CAPITAL, LLC 0.62% of their portfolio | 596.0k $25.2m | Added +328.0k |
| MORGAN STANLEY 0.00% of their portfolio | 566.4k $23.9m | Reduced -362.7k |
| Prosight Management, LP 4.85% of their portfolio | 554.6k $23.4m | New |
| TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio | 473.0k $20.0m | Added +38.8k |
| Invesco Ltd. 0.00% of their portfolio | 468.2k $19.8m | Added +241.3k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 454.1k $19.2m | Reduced -91.9k |
| Sofinnova Investments, Inc. 0.80% of their portfolio | 438.6k $18.5m | Added +320.2k |
| Point72 Asset Management, L.P. 0.03% of their portfolio | 433.4k $18.3m | Added +309.8k |
| EMERALD ADVISERS, LLC 0.50% of their portfolio | 384.3k $16.2m | Added +61.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio | 383.3k $16.2m | Reduced -541.6k |
| 22NW, LP 5.89% of their portfolio | 331.1k $14.0m | Unchanged |
| Qube Research & Technologies Ltd 0.02% of their portfolio | 323.9k $13.7m | Added +319.9k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 309.8k $13.1m | Reduced -51.3k |
| TWO SIGMA ADVISERS, LP 0.03% of their portfolio | 308.4k $13.0m | Added +129.5k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.04% of their portfolio | 295.7k $12.5m | Added +123.9k |
| UBS Group AG 0.00% of their portfolio | 287.6k $12.2m | Added +196.7k |
| Balyasny Asset Management L.P. 0.02% of their portfolio | 282.0k $11.9m | Added +99.2k |
| PRIMECAP MANAGEMENT CO/CA/ 0.01% of their portfolio | 280.1k $11.8m | Reduced -8.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 254.4k $10.8m | Added +29.1k |
| EMERALD MUTUAL FUND ADVISERS TRUST 0.52% of their portfolio | 253.1k $10.7m | Added +19.9k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 218.3k $9.2m | New |
| GREAT POINT PARTNERS LLC 2.89% of their portfolio | 210.7k $8.9m | Reduced -89.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 210.3k $8.9m | Added +209.9k |
| GILDER GAGNON HOWE & CO LLC 0.09% of their portfolio | 208.3k $8.8m | Reduced -16.5k |
| STATE STREET CORP 0.00% of their portfolio | 195.7k $8.3m | Added +66.7k |
| Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 0.71% of their portfolio | 188.1k $8.0m | Added +34.3k |
| Creek Drive Management Group LLC 5.78% of their portfolio | 185.5k $7.8m | First filing |
| STEMPOINT CAPITAL LP 1.29% of their portfolio | 178.3k $7.5m | Added +125.1k |
| HRT FINANCIAL LP 0.03% of their portfolio | 173.4k $7.3m | Added +160.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 172.9k $7.3m | Reduced -105.7k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 150.8k $6.4m | Added +150.8k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 147.8k $6.2m | Added +70.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 120.4k $5.1m | Added +5.7k |
| Nantahala Capital Management, LLC 0.28% of their portfolio | 112.9k $4.8m | Reduced -305.6k |
| Jefferies Financial Group Inc. 0.04% of their portfolio | 111.9k $4.7m | Reduced -191.3k |
| Woodline Partners LP 0.02% of their portfolio | 104.0k $4.4m | Reduced -129.1k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 101.2k $4.3m | Added +52.5k |
| FMR LLC 0.00% of their portfolio | 101.1k $4.3m | Added +61.2k |
| ING GROEP NV 0.03% of their portfolio | 100.0k $4.2m | New |
| Monashee Investment Management LLC 2.24% of their portfolio | 94.1k $4.0m | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 90.7k $3.8m | Added +743 |
| Quinn Opportunity Partners LLC 0.16% of their portfolio | 85.9k $3.6m | Reduced -24.0k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 85.7k $3.6m | Added +68.6k |
| Stonepine Capital Management, LLC 2.84% of their portfolio | 85.0k $3.6m | Unchanged |
| Propel Bio Management, LLC 2.99% of their portfolio | 82.8k $3.5m | Added +33.8k |
| DAFNA Capital Management LLC 0.74% of their portfolio | 75.0k $3.2m | Added +20.0k |
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 72.2k $3.0m | Added +44.9k |
| ADAR1 Capital Management, LLC 0.23% of their portfolio | 72.0k $3.0m | Added +24 |
| Tetragon Partners GP Ltd 0.62% of their portfolio | 69.3k $2.9m | New |
| Voleon Capital Management LP 0.06% of their portfolio | 68.3k $2.9m | New |
| Nearwater Capital Markets, Ltd 0.04% of their portfolio | 61.5k $2.6m | New |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.17% of their portfolio | 60.4k $2.6m | New |
| Hudson Bay Capital Management LP 0.01% of their portfolio | 59.7k $2.5m | Reduced -48.0k |
| F/m Investments LLC 0.09% of their portfolio | 58.1k $2.5m | Added +5.0k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 56.1k $2.4m | Added +17.6k |
| Moody Aldrich Partners LLC 0.44% of their portfolio | 56.0k $2.4m | Reduced -17.7k |
| Aquatic Capital Management LLC 0.07% of their portfolio | 55.2k $2.3m | New |
| FRED ALGER MANAGEMENT, LLC 0.01% of their portfolio | 54.0k $2.3m | Reduced -37.8k |
| Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio | 53.7k $2.3m | Added +7.1k |
| Jump Financial, LLC 0.03% of their portfolio | 53.2k $2.2m | New |
| ACT CAPITAL MANAGEMENT, LLC 1.75% of their portfolio | 51.2k $2.2m | First filing |
| NORGES BANK 0.00% of their portfolio | 50.0k $2.1m | Not comparable |
| DARK FOREST CAPITAL MANAGEMENT LP 0.08% of their portfolio | 42.3k $1.8m | Added +33.1k |
| Headlands Technologies LLC 0.15% of their portfolio | 41.2k $1.7m | Added +11.4k |
| AWM Investment Company, Inc. 0.16% of their portfolio | 40.0k $1.7m | Unchanged |
| Deuterium Capital Management, LLC 2.29% of their portfolio | 37.3k $1.6m | Unchanged |
| Engineers Gate Manager LP 0.02% of their portfolio | 37.3k $1.6m | Added +19.7k |
| CITIGROUP INC 0.00% of their portfolio | 35.8k $1.5m | Added +32.7k |
| Caption Management, LLC 0.07% of their portfolio | 35.0k $1.5m | New |
| Swiss National Bank 0.00% of their portfolio | 31.9k $1.3m | New |
| SummitTX Capital, L.P. 0.04% of their portfolio | 31.4k $1.3m | Added +24.6k |
| Birchview Capital, LP 0.77% of their portfolio | 31.0k $1.3m | Added +27.0k |
| Simplify Asset Management Inc. 0.02% of their portfolio | 28.0k $1.2m | Reduced -59.2k |
| Erste Asset Management GmbH 0.01% of their portfolio | 28.0k $1.2m | Added +11.0k |
| KVP Capital Advisors, LP 1.17% of their portfolio | 26.9k $1.1m | First filing |
| FOX RUN MANAGEMENT, L.L.C. 0.17% of their portfolio | 26.5k $1.1m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 26.1k $1.1m | Reduced -21.9k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 24.0k $1.0m | New |
| GSA CAPITAL PARTNERS LLP 0.08% of their portfolio | 23.1k $977.0k | New |
| SIMPLEX TRADING, LLC 0.03% of their portfolio | 21.9k $927.5k | Reduced -54.5k |
| BIT Capital GmbH 0.04% of their portfolio | 21.1k $892.1k | New |
| Squarepoint Ops LLC 0.00% of their portfolio | 20.3k $856.5k | Reduced -14.2k |
| Ishara Investments LP 0.98% of their portfolio | 20.0k $845.6k | First filing |
| Trexquant Investment LP 0.01% of their portfolio | 18.8k $795.8k | Reduced -72.7k |
| J. Goldman & Co LP 0.03% of their portfolio | 18.4k $775.9k | New |
| Jain Global LLC 0.01% of their portfolio | 17.3k $731.4k | Reduced -15.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 16.2k $684.3k | New |
| Susquehanna Portfolio Strategies, LLC 0.01% of their portfolio | 16.1k $678.9k | Unchanged |
| Knott David M Jr 0.30% of their portfolio | 15.5k $655.3k | New |
| BARCLAYS PLC 0.00% of their portfolio | 15.4k $653.0k | Reduced -1.2k |
| ALGERT GLOBAL LLC 0.01% of their portfolio | 15.3k $647.3k | New |
| Seven Fleet Capital Management LP 0.43% of their portfolio | 15.0k $634.2k | First filing |
| Palumbo Wealth Management LLC 0.15% of their portfolio | 14.7k $622.1k | Reduced -11.4k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio | 14.6k $615.8k | Reduced -382 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 14.5k $613.9k | New |
| Virtu Financial LLC 0.02% of their portfolio | 13.8k $584.0k | New |