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<h2>Key Points</h2><ul><li>Prosight Management increased its Nektar Therapeutics holding by 180,367 shares last quarter, an estimated $10.27 million buy based on average prices during the quarter.</li><li>The value of the firm’s Nektar Therapeutics position rose by $29.43 million in the quarter, reflecting both the share addition and stock price movement.</li><li>This transaction represented a 1.68% change in the fund’s 13F reportable assets under management.</li><li>After the trade, Prosight Management held 735,000 shares in Nektar Therapeutics, valued at $52.88 million as of March 31, 2026.</li><li>10 stocks we like better than Nektar Therapeutics ›</li></ul><p>On May 15, 2026, Prosight Management disclosed a buy of 180,367 shares of <strong>Nektar Therapeutics</strong> <span class="ticker">(NASDAQ:NKTR)</span>, an estimated $10.27 million trade based on quarterly average pricing.</p><h2 id="what-happened">What happened</h2><p>According to a Securities and Exchange Commission (SEC) filing dated May 15, 2026, Prosight Management increased its position in Nektar Therapeutics by 180,367 shares. The estimated value of the additional shares is $10.27 million, calculated using the average closing price for the quarter ending March 31, 2026. The quarter-end value of the firm’s Nektar Therapeutics stake rose by $29.43 million, a figure that includes both trading activity and share price appreciation.</p><h2 id="what-else-to-know">What else to know</h2><ul><li>Prosight Management was a net buyer in Nektar Therapeutics this quarter. The post-trade stake accounted for 8.67% of its 13F reportable AUM.</li><li>Top five fund holdings after the filing:<ul><li>NASDAQ: NKTR: $52.88 million (8.7% of AUM)</li><li>NYSE: BSX: $49.92 million (8.2% of AUM)</li><li>NASDAQ: JANX: $49.34 million (8.1% of AUM)</li><li>NASDAQ: PRCT: $48.64 million (8.0% of AUM)</li><li>NASDAQ: LKFT: $46.50 million (7.6% of AUM)</li></ul></li><li>As of May 14, 2026, shares of Nektar Therapeutics were priced at $66.61, up nearly 600% over the past year and significantly outperforming the S&amp;P 500, which is instead up about 28%.</li></ul><h2 id="company-overview">Company overview</h2><section><table><tbody><tr><th>Metric</th><th>Value</th></tr><tr><td>Price (as of Friday)</td><td>$66.61</td></tr><tr><td>Market capitalization</td><td>$2.25 billion</td></tr><tr><td>Revenue (TTM)</td><td>$55.63 million</td></tr><tr><td>Net income (TTM)</td><td>($158.10 million)</td></tr></tbody></table></section><h2 id="company-snapshot">Company snapshot</h2><ul><li>Nektar develops biopharmaceutical products targeting unmet medical needs, with a pipeline including Bempegaldesleukin (IL-2 pathway agonist), NKTR-358 (cytokine Treg stimulant), and NKTR-255 (IL-15 receptor agonist), among others.</li><li>The firm operates a research-driven business model focused on drug discovery, clinical development, and strategic collaborations with major pharmaceutical companies to generate revenue through licensing, milestones, and potential product sales.</li><li>It serves healthcare providers, hospitals, and pharmaceutical partners, targeting patients with cancer, autoimmune, and inflammatory diseases in the United States and international markets.</li></ul><p>Nektar Therapeutics is a biotechnology company specializing in the development of novel therapeutics for oncology and immunology indications. The company leverages proprietary drug discovery platforms and strategic partnerships to advance a diverse clinical pipeline. Its focus on innovative biologics and collaborative R&amp;D positions it to address significant unmet needs in the global healthcare market.</p><h2 id="what-this-transaction-means-for-investors">What this transaction means for investors</h2><p>Nektar stock has already delivered eye-popping gains over the past year, yet Prosight still chose to add to what has become its largest disclosed position. With that in mind, the purchase ultimately looks like a vote of confidence in Nektar as it approaches a make-or-break stretch of clinical development.<br/><br/>Meanwhile, the core story remains rezpegaldesleukin, Nektar's experimental treatment for autoimmune diseases. Management recently reported encouraging long-term data in both atopic dermatitis and alopecia areata and expects to begin its Phase 3 ZENITH-AD program by July. The company also plans an End-of-Phase 2 meeting with the FDA for alopecia areata this quarter.<br/><br/>Financially, Nektar appears far better positioned than many clinical-stage biotech peers. First-quarter revenue rose to $10.9 million from $10.5 million one year prior, while cash and marketable securities reached $731.6 million at quarter-end. Management noted that the figure excludes roughly $351 million of net proceeds from an April stock offering, giving the company more than $1 billion in liquidity to fund development.<br/><br/>Ultimately, if rezpegaldesleukin succeeds in late-stage trials, today's valuation could look conservative, but if it stumbles, much of the recent rally could quickly unwind. Prosight's purchase suggests it believes the odds favor the former.</p><h2>Should you buy stock in Nektar Therapeutics right now?</h2>
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<p style="color: #767676; text-align: left"><em>*Stock Advisor returns as of May 23, 2026. </em></p><p><em>Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.</em></p>
<p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
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<p>Prosight Management increased its stake in Nektar Therapeutics by 180,367 shares, valued at approximately $10.27 million, reflecting a 1.68% change in its assets. The total value of its Nektar position rose by $29.43 million, with the firm holding 735,000 shares worth $52.88 million as of March 31, 2026. Nektar's stock has surged nearly 600% over the past year, and the company is preparing for a key Phase 3 trial for its treatment for autoimmune diseases.</p>

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