Needham & Company LLC Reaffirms “Buy” Rating for Nkarta (NASDAQ:NKTX)

Nkarta (NASDAQ:NKTX)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 450.00% from the company’s previous close.

Nkarta Stock Up 1.5 %

Shares of Nkarta stock opened at $2.00 on Thursday. The company has a 50 day moving average price of $1.99 and a 200 day moving average price of $2.87. The firm has a market capitalization of $141.14 million, a P/E ratio of -1.06 and a beta of 0.90. Nkarta has a 52 week low of $1.31 and a 52 week high of $11.84.

Nkarta (NASDAQ:NKTX) last posted its quarterly earnings results on Wednesday, March 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.06. As a group, research analysts anticipate that Nkarta will post -1.7 earnings per share for the current fiscal year.

Insider Activity

In other Nkarta news, CEO Paul J. Hastings sold 17,378 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $2.20, for a total transaction of $38,231.60. Following the transaction, the chief executive officer now owns 319,859 shares of the company’s stock, valued at approximately $703,689.80. The trade was a 5.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On Nkarta

A number of hedge funds have recently modified their holdings of the business. Invesco Ltd. acquired a new position in Nkarta in the fourth quarter valued at about $30,000. Sequoia Financial Advisors LLC acquired a new position in shares of Nkarta in the 4th quarter worth approximately $31,000. Erste Asset Management GmbH acquired a new position in shares of Nkarta in the 3rd quarter worth approximately $33,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Nkarta during the 4th quarter worth approximately $37,000. Finally, ProShare Advisors LLC acquired a new stake in Nkarta in the 4th quarter valued at approximately $45,000. 80.54% of the stock is currently owned by hedge funds and other institutional investors.

About Nkarta

Nkarta, Inc, a clinical-stage biopharmaceutical company, develops and commercializes natural killer cell therapies for cancer and autoimmune disease treatment. The company's lead product candidate is NKX019, a chimeric antigen receptor-natural killer (CAR NK) targeting the CD19 antigen that is in Phase 1 clinical trial for the treatment of relapsed/refractory (r/r) non-hodgkin lymphoma, as well as for lupus nephritis.