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 ($39.1k this quarter). Holder counts are more reliable. Shares outstanding: 28.7m as of 2026-03-11, 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 ≈ $71.89. Options: 10 managers hold calls ($76.0m notional), 9 hold puts ($36.5m).
Trends to Q1 2026
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 |
| Q1 2026 | 208 |
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 |
| Q1 2026 | 135 | 75 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $32.1m | $35.6m | 1.11 |
| Q3 2025 | $47.7m | $75.6m | 1.59 |
| Q4 2025 | $36.6m | $26.8m | 0.73 |
| Q1 2026 | $76.0m | $36.5m | 0.48 |
Biggest buyers
| FMR LLC | Added | +4.2m |
| Two Seas Capital LP | Added | +1.2m |
| BVF INC/IL | Added | +1.0m |
| TWO SIGMA INVESTMENTS, LP | Added | +457.7k |
| LORD, ABBETT & CO. LLC | New | +405.1k |
| Woodline Partners LP | Added | +311.3k |
| Vestal Point Capital, LP | New | +285.0k |
| ORBIMED ADVISORS LLC | New | +275.0k |
| BRAIDWELL LP | New | +222.7k |
| Patient Square Capital LP | New | +210.0k |
Biggest sellers
| Point72 Asset Management, L.P. | Reduced | -420.1k |
| TWO SIGMA ADVISERS, LP | Sold out | -308.4k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Sold out | -295.7k |
| Balyasny Asset Management L.P. | Reduced | -246.2k |
| STEMPOINT CAPITAL LP | Sold out | -178.3k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -134.2k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -131.1k |
| Nantahala Capital Management, LLC | Sold out | -112.9k |
| Jefferies Financial Group Inc. | Sold out | -111.9k |
| JANE STREET GROUP, LLC | Reduced | -105.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $31.2m433.0k shares |
| Bronte Capital Management Pty Ltd. | New | $14.6m202.5k shares |
| CITADEL ADVISORS LLC | Added | $8.2m113.4k shares |
| Caption Management, LLC | Added | $7.6m105.0k shares |
| Creek Drive Management Group LLC | New | $3.6m50.0k shares |
| IMC-Chicago, LLC | New | $3.1m43.1k shares |
| JANE STREET GROUP, LLC | Added | $3.1m42.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $2.3m32.3k shares |
| GROUP ONE TRADING LLC | Reduced | $2.2m30.6k shares |
| TUDOR INVESTMENT CORP ET AL | New | $295.0k4.1k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $15.9m221.1k shares |
| Caption Management, LLC | Added | $10.8m150.0k shares |
| JANE STREET GROUP, LLC | New | $3.6m49.4k shares |
| CITADEL ADVISORS LLC | Reduced | $2.8m38.5k shares |
| IMC-Chicago, LLC | Added | $1.5m20.5k shares |
| HRT FINANCIAL LP | Reduced | $964.0k13.4k shares |
| TUDOR INVESTMENT CORP ET AL | New | $410.1k5.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $309.4k4.3k shares |
| GROUP ONE TRADING LLC | Reduced | $287.8k4.0k 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 Q1 2026
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 |
|---|---|---|---|---|---|
| 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 | — |
| Q1 2026 | 0 | — | 2 | $182.0k | $137.9k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-02-18 | ROBIN HOWARD W President & CEO, director | Sold | $30.9k423 shares |
| 2026-02-18 | Zalevsky Jonathan Chief R&D Officer | Sold | $13.1k180 shares |
| 2026-01-20 | Zalevsky Jonathan Chief R&D Officer | Sold plan | $137.9k3.9k 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, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| FMR LLC 0.02% of their portfolio | 4.3m $309.6m | Added +4.2m |
| BVF INC/IL 5.87% of their portfolio | 2.6m $184.2m | Added +1.0m |
| Two Seas Capital LP 6.51% of their portfolio | 2.0m $141.0m | Added +1.2m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 1.2m $86.1m | First filing |
| TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio | 930.7k $67.0m | Added +457.7k |
| Prosight Management, LP 8.67% of their portfolio | 735.0k $52.9m | Added +180.4k |
| BlackRock, Inc. 0.00% of their portfolio | 692.6k $49.8m | Added +47.0k |
| MORGAN STANLEY 0.00% of their portfolio | 659.4k $47.4m | Added +93.0k |
| ARMISTICE CAPITAL, LLC 1.37% of their portfolio | 578.0k $41.6m | Reduced -18.0k |
| Invesco Ltd. 0.00% of their portfolio | 567.5k $40.8m | Added +99.3k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 513.5k $36.9m | Added +203.8k |
| Sofinnova Investments, Inc. 1.84% of their portfolio | 509.5k $36.7m | Added +70.9k |
| Woodline Partners LP 0.11% of their portfolio | 415.3k $29.9m | Added +311.3k |
| LORD, ABBETT & CO. LLC 0.10% of their portfolio | 405.1k $29.1m | New |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 404.3k $29.1m | Reduced -49.8k |
| EMERALD ADVISERS, LLC 0.90% of their portfolio | 394.6k $28.4m | Added +10.3k |
| Qube Research & Technologies Ltd 0.04% of their portfolio | 390.7k $28.1m | Added +66.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 346.8k $25.0m | Added +92.4k |
| UBS Group AG 0.00% of their portfolio | 320.2k $23.0m | Added +32.6k |
| GREAT POINT PARTNERS LLC 5.58% of their portfolio | 316.5k $22.8m | Added +105.7k |
| Vestal Point Capital, LP 0.57% of their portfolio | 285.0k $20.5m | New |
| 22NW, LP 13.86% of their portfolio | 281.1k $20.2m | Reduced -50.0k |
| PRIMECAP MANAGEMENT CO/CA/ 0.02% of their portfolio | 279.1k $20.1m | Reduced -1.0k |
| ORBIMED ADVISORS LLC 0.43% of their portfolio | 275.0k $19.8m | New |
| GILDER GAGNON HOWE & CO LLC 0.23% of their portfolio | 271.8k $19.6m | Added +63.5k |
| Nearwater Capital Markets, Ltd 0.44% of their portfolio | 261.5k $18.8m | Added +200.0k |
| EMERALD MUTUAL FUND ADVISERS TRUST 0.89% of their portfolio | 256.1k $18.4m | Added +3.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio | 249.1k $17.9m | Reduced -134.2k |
| STATE STREET CORP 0.00% of their portfolio | 244.7k $17.6m | Added +49.1k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 240.1k $15.7m | Added +89.3k |
| BRAIDWELL LP 0.53% of their portfolio | 222.7k $16.0m | New |
| Patient Square Capital LP 2.68% of their portfolio | 210.0k $15.1m | New |
| Bronte Capital Management Pty Ltd. 1.54% of their portfolio | 198.3k $14.3m | New |
| Quinn Opportunity Partners LLC 0.68% of their portfolio | 179.2k $12.9m | Added +93.4k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 169.3k $12.2m | First filing |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 168.0k $12.1m | Added +47.6k |
| DAFNA Capital Management LLC 2.70% of their portfolio | 165.2k $11.9m | Added +90.2k |
| ADAR1 Capital Management, LLC 0.70% of their portfolio | 161.3k $11.6m | Added +89.2k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 140.6k $10.1m | Added +116.6k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 136.7k $9.8m | New |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 126.9k $9.1m | Reduced -20.9k |
| Creek Drive Management Group LLC 5.70% of their portfolio | 126.4k $9.1m | Reduced -59.1k |
| SEVEN GRAND MANAGERS, LLC 0.60% of their portfolio | 125.0k $9.0m | New |
| Squadron Capital Management LLC 3.60% of their portfolio | 125.0k $9.0m | New |
| Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 0.75% of their portfolio | 122.3k $8.8m | Reduced -65.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 121.5k $8.7m | Reduced -88.8k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 112.7k $8.1m | Reduced -105.7k |
| Squarepoint Ops LLC 0.02% of their portfolio | 107.4k $7.7m | Added +87.1k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 106.2k $7.6m | Added +20.6k |
| Tetragon Partners GP Ltd 1.46% of their portfolio | 103.0k $7.4m | Added +33.8k |
| ING GROEP NV 0.04% of their portfolio | 100.0k $7.2m | Unchanged |
| Monashee Investment Management LLC 3.91% of their portfolio | 100.0k $7.2m | Added +5.9k |
| Connor, Clark & Lunn Investment Management Ltd. 0.02% of their portfolio | 98.7k $7.1m | Reduced -2.4k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 91.7k $6.6m | Added +928 |
| Moody Aldrich Partners LLC 1.16% of their portfolio | 89.5k $6.4m | Added +33.5k |
| Stonepine Capital Management, LLC 5.38% of their portfolio | 85.0k $6.1m | Unchanged |
| NORTHERN TRUST CORP 0.00% of their portfolio | 78.6k $5.7m | Added +22.5k |
| Jump Financial, LLC 0.08% of their portfolio | 77.4k $5.6m | Added +24.2k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 72.5k $5.2m | First filing |
| ACT CAPITAL MANAGEMENT, LLC 4.01% of their portfolio | 70.9k $5.1m | Added +19.7k |
| HRT FINANCIAL LP 0.02% of their portfolio | 70.7k $5.1m | Reduced -102.8k |
| Voleon Capital Management LP 0.10% of their portfolio | 65.1k $4.7m | Reduced -3.3k |
| F/m Investments LLC 0.29% of their portfolio | 61.1k $4.4m | Added +3.0k |
| Rhenman & Partners Asset Management AB 0.52% of their portfolio | 59.0k $4.2m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 59.0k $4.2m | Added +32.9k |
| Aquatic Capital Management LLC 0.12% of their portfolio | 57.0k $4.1m | Added +1.8k |
| Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio | 56.1k $4.0m | Added +2.3k |
| Trexquant Investment LP 0.03% of their portfolio | 55.5k $4.0m | Added +36.7k |
| FRED ALGER MANAGEMENT, LLC 0.02% of their portfolio | 53.2k $3.8m | Reduced -848 |
| Alyeska Investment Group, L.P. 0.01% of their portfolio | 50.0k $3.6m | New |
| Brevan Howard Capital Management LP 0.03% of their portfolio | 48.5k $3.5m | New |
| LMR Partners LLP 0.03% of their portfolio | 48.3k $3.5m | New |
| Swiss National Bank 0.00% of their portfolio | 47.9k $3.4m | Added +16.0k |
| Atom Investors LP 0.22% of their portfolio | 43.2k $3.1m | New |
| SummitTX Capital, L.P. 0.10% of their portfolio | 42.6k $3.1m | Added +11.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 41.8k $3.0m | Reduced -131.1k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.17% of their portfolio | 36.9k $2.7m | Reduced -23.5k |
| Jain Global LLC 0.03% of their portfolio | 36.2k $2.6m | Added +18.9k |
| Informed Momentum Co LLC 0.30% of their portfolio | 36.1k $2.6m | Added +23.2k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 35.9k $2.6m | Reduced -246.2k |
| ALGERT GLOBAL LLC 0.04% of their portfolio | 34.8k $2.5m | Added +19.5k |
| Susquehanna Portfolio Strategies, LLC 0.04% of their portfolio | 34.5k $2.5m | Added +18.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 34.0k $2.4m | Added +17.8k |
| BARCLAYS PLC 0.00% of their portfolio | 32.4k $2.3m | Added +16.9k |
| IRIDIAN ASSET MANAGEMENT LLC/CT 0.91% of their portfolio | 31.3k $2.3m | Added +21.6k |
| Birchview Capital, LP 1.27% of their portfolio | 31.0k $2.2m | Unchanged |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio | 30.1k $2.2m | Added +15.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 28.7k $2.1m | Added +14.2k |
| Headlands Technologies LLC 0.23% of their portfolio | 28.2k $2.0m | Reduced -13.0k |
| Erste Asset Management GmbH 0.02% of their portfolio | 28.0k $1.8m | Unchanged |
| KVP Capital Advisors, LP 1.45% of their portfolio | 26.9k $1.9m | Unchanged |
| Y-Intercept (Hong Kong) Ltd 0.04% of their portfolio | 26.5k $1.9m | Added +15.7k |
| CITIGROUP INC 0.00% of their portfolio | 25.0k $1.8m | Reduced -10.7k |
| GSA CAPITAL PARTNERS LLP 0.10% of their portfolio | 21.3k $1.5m | Reduced -1.8k |
| BIT Capital GmbH 0.08% of their portfolio | 21.1k $1.5m | Unchanged |
| ExodusPoint Capital Management, LP 0.01% of their portfolio | 20.5k $1.5m | New |
| AWM Investment Company, Inc. 0.16% of their portfolio | 20.0k $1.4m | Reduced -20.0k |
| Man Group plc 0.00% of their portfolio | 19.4k $1.4m | New |
| Deuterium Capital Management, LLC 1.51% of their portfolio | 18.0k $1.3m | Reduced -19.3k |
| WINTON GROUP Ltd 0.04% of their portfolio | 16.9k $1.2m | Added +9.1k |