A Look At Nektar Therapeutics (NKTR) Valuation After New UCSF Multiple Sclerosis Collaboration

Simply Wall St.02-23

Nektar Therapeutics (NKTR) shares are back in focus after the company announced a research collaboration with the University of California, San Francisco and MS expert Dr. Stephen Hauser to study its ...

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The one year total shareholder return is very large, and...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4007":"制药","NKTR":"内克塔治疗"},"translate_title":"UCSF多发性硬化症新合作后Nektar Therapeutics(NKTR)估值一览","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NKTR":1.5},"content_text":"Nektar Therapeutics (NKTR) shares are back in focus after the company announced a research collaboration with the University of California, San Francisco and MS expert Dr. Stephen Hauser to study its TNFR2 agonist antibody NKTR-0165. See our latest analysis for Nektar Therapeutics. The UCSF collaboration headlines a very strong run for Nektar, with a 30 day share price return of 98.68% and a year to date share price return of 69.81%. The one year total shareholder return is very large, and the five year total shareholder return remains negative at 79.19%. If this kind of biotech news has your attention, it could be a good moment to widen your watchlist and check out 27 healthcare AI stocks surfaced by the Simply Wall St screener. With Nektar now trading at US$73.73 and analyst targets sitting higher, while the business is still reporting losses, you have to ask: is this recent excitement leaving upside on the table, or is the market already pricing in future growth? AdvertisementMost Popular Narrative: 40.3% Undervalued At a last close of $73.73, the most followed narrative pins Nektar Therapeutics' fair value much higher at $123.43, hinging heavily on Rezpeg and its long term potential.  Positive emerging data and differentiation from existing therapies (e.g., faster onset, fewer side effects, novel mechanism) increase the probability of commercial success and uptake in a market moving toward personalized, immune modulating treatments, supporting future top line revenue growth.  Read the complete narrative. Curious what kind of revenue path and margin reset could justify that gap to fair value? The narrative leans on shrinking losses, faster top line expansion, and a rich future earnings multiple that many investors would usually associate with mature sector leaders. The full breakdown shows how those moving parts are stitched together into a single price tag. Result: Fair Value of $123.43 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this depends heavily on Rezpeg, and Nektar is still loss making, so any trial setback or tougher financing conditions could quickly challenge that upside story. Find out about the key risks to this Nektar Therapeutics narrative. Another Angle: Expensive on Sales That fair value of $123.43 sits awkwardly next to how the market is currently valuing Nektar on sales. The P/S ratio is about 33x, compared with 4.4x for the US Pharmaceuticals industry, a peer average of 1.4x, and a fair ratio of 12.8x that the market could move toward. Those gaps imply a lot of success is already baked into the price, even though Nektar is still loss making. If revenue or margins land below expectations, how much room is there for disappointment before that rich P/S starts to compress? See what the numbers say about this price — find out in our valuation breakdown. NasdaqCM:NKTR P/S Ratio as at Feb 2026Next Steps With sentiment clearly mixed, with risks on one side and rewards on the other, it makes sense to look through the numbers yourself and decide where you stand. Our breakdown of 2 key rewards and 5 important warning signs can help you weigh both sides before you move on. Looking for more investment ideas? If Nektar has you thinking more broadly about your portfolio, do not stop here. Use the same toolkit to hunt for other opportunities before the crowd catches on.  Target potential mispricings by scanning 53 high quality undervalued stocks that pair solid fundamentals with prices that may not fully reflect their strengths. Secure your income stream by reviewing 15 dividend fortresses that aim for yields of 5% or more alongside a focus on stability. Tilt your portfolio toward resilience by checking 85 resilient stocks with low risk scores that score well on financial strength and lower risk profiles.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Nektar Therapeutics might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. 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