Nektar Therapeutics

NKTR • NASDAQ

Nektar Therapeutics is a biotechnology company in the healthcare sector on NASDAQ, with a market cap of $1.1B. As of Q3 2025, 76% of shares are held by 148 institutional investors, with BVF INC/IL as the largest holder at 6.71%.

Market Cap$1.1B

Biotechnology

Healthcare

Employees137.0

Websitenektar.com

Country

United States of America

Overview

Overview of institutional ownership in NKTR as of Q3 2025 with a market cap of $1.1B

All Institutions

Institutions: 148
Value Held: $820.4M
Shares Held: 14.4M
Avg Position: $5.5M
Median Position: $976.4K

Hedge Funds

Hedge Funds: 41
Value Held: $314.2M
Shares Held: 5.5M
Avg Position: $7.7M
Median Position: $3.1M

Ownership Breakdown

Institutional (non-HF)

46.77%

$506.2M

Hedge Funds

29.04%

$314.2M

Retail & Other

24.19%

$261.8M

Based on market cap of $1.1B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NKTR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BVF INC/IL Institution	-	$72.6M 2.94% of portfolio	6.71% 1.3M shares	Q3 2025 Held for 2 months	$2.5B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$54.0M 0.00% of portfolio	4.99% 948.6K shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$52.9M 0.00% of portfolio	4.89% 929.2K shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$52.6M 0.08% of portfolio	4.86% 924.9K shares	≤ Q2 2013 Held for 12y 5m+	$67.9B
FARALLON CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	Edric Calvin Saito Managing Partner	$45.0M 0.25% of portfolio	4.16% 791.0K shares	Q3 2025 Held for 2 months	$17.7B
B BlackRock, Inc. Institution	-	$34.7M 0.00% of portfolio	3.20% 609.1K shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$31.1M 0.03% of portfolio	2.87% 546.0K shares	Q3 2019 Held for 6y 2m	$121.98B
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$24.7M 0.04% of portfolio	2.28% 434.2K shares	Q2 2018 Held for 7y 5m	$62.0B
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	Daniel J. Mack Managing Partner	$23.8M 1.47% of portfolio	2.20% 418.5K shares	Q1 2024 Held for 1y 8m	$1.6B
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$20.5M 0.02% of portfolio	1.90% 361.1K shares	Q3 2016 Held for 9y 2m	$122.08B

Net Capital Flow

Institutional buying and selling activity for NKTR in Q3 2025

Traded: +$441.6M
Buyers: 113
Sellers: 42
Total Bought: +$536.2M
Total Sold: −$94.6M
Avg Position: $4.9M

Biggest Buyers

Institution	Net Bought	Current Position
B BVF INC/IL Institution	+$72.6M +1.3M shares	$72.6M 1.3M shares
MORGAN STANLEY RIA/Wealth	+$48.8M +857.0K shares	$52.9M 929.2K shares
FARALLON CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$45.0M +791.0K shares	$45.0M 791.0K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$40.0M +703.0K shares	$52.6M 924.9K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$20.5M +361.1K shares	$20.5M 361.1K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$20.2M +354.8K shares	$24.7M 434.2K shares
EMERALD ADVISERS INC/PA Long Only Manager	+$18.4M +323.2K shares	$18.4M 323.2K shares
LEUCADIA NATIONAL CORP Institution	+$17.3M +303.2K shares	$17.3M 303.2K shares
G GREAT POINT PARTNERS LLC Private Equity	+$17.1M +300.0K shares	$17.1M 300.0K shares
EMERALD MUTUAL FUND ADVISERS TRUST Long Only Manager	+$13.3M +233.2K shares	$13.3M 233.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	−$16.6M −291.2K shares	$23.8M 418.5K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$11.6M −203.5K shares	$10.4M 182.8K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$11.1M −427.9K shares	Sold Off 0 shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	−$7.6M −133.3K shares	$850.4K 14.9K shares
TCG Crossover Management, LLC Venture Capital	−$6.9M −266.7K shares	Sold Off 0 shares
UBS Group AG Institution	−$6.3M −110.5K shares	$5.2M 90.8K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$5.9M −103.0K shares	$31.1M 546.0K shares
Jain Global LLC Hedge Fund•Multi-Strategy	−$5.5M −96.0K shares	$1.9M 32.8K shares
G GROUP ONE TRADING, L.P. Institution	−$4.8M −84.7K shares	$485.3K 8.5K shares
Eversept Partners, LLC Hedge Fund•Long/Short	−$3.7M −65.1K shares	$2.8M 49.9K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited NKTR in Q3 2025

New Positions: 30
New Value: $170.6M
Exited Positions: 20
Exited Value: $26.4M

New Positions

Institution	Position Value
B BVF INC/IL Institution	$72.6M 1.3M shares
EMERALD ADVISERS INC/PA Long Only Manager	$18.4M 323.2K shares
LEUCADIA NATIONAL CORP Institution	$17.3M 303.2K shares
EMERALD MUTUAL FUND ADVISERS TRUST Long Only Manager	$13.3M 233.2K shares
N Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. Institution	$8.8M 153.8K shares
S Sofinnova Ventures Inc Venture Capital	$6.7M 118.4K shares
Quinn Opportunity Partners LLC Hedge Fund•Event Driven	$6.3M 109.9K shares
L Longaeva Partners L.P. Institution	$3.6M 62.7K shares
A Artia Global Partners LP Hedge Fund•Long/Short	$3.3M 58.0K shares
StemPoint Capital LP Hedge Fund•Long/Short	$3.0M 53.2K shares

Exited Positions

Institution	Previous Position
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$11.1M 427.9K shares
TCG Crossover Management, LLC Venture Capital	$6.9M 266.7K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$2.6M 101.5K shares
C CM Management, LLC Institution	$1.2M 45.0K shares
Monaco Asset Management SAM RIA/Wealth	$1.1M 44.0K shares
IEQ CAPITAL, LLC RIA/Wealth	$988.5K 38.3K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$541.7K 21.0K shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	$371.5K 14.4K shares
Marshall Wace LLP Institution	$366.9K 14.2K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	$365.3K 14.1K shares

Options Activity

Institutions with the largest Call and Put options positions in NKTR as of Q3 2025

Call Positions: 12
Call Value: $36.3M
Put Positions: 8
Put Value: $62.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$17.7M 3.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$7.6M 1.3K contracts
Caption Management, LLC Hedge Fund•Long/Short	$2.8M 500.0 contracts
W WOLVERINE TRADING, LLC Institution	$2.8M 474.0 contracts
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$1.8M 325.0 contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.4M 250.0 contracts
J JANE STREET GROUP, LLC Institution	$1.1M 198.2 contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$557.6K 98.0 contracts
DLD Asset Management, LP Hedge Fund•Multi-Strategy	$216.0K 38.0 contracts
V Vontobel Holding Ltd. Institution	$125.2K 22.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$31.2M 5.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$20.1M 3.5K contracts
Caption Management, LLC Hedge Fund•Long/Short	$4.4M 775.0 contracts
W WOLVERINE TRADING, LLC Institution	$4.3M 735.0 contracts
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$1.8M 325.0 contracts
J JANE STREET GROUP, LLC Institution	$603.1K 106.0 contracts
A ADAR1 Capital Management, LLC Hedge Fund•Long/Short	- - contracts
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	- - contracts

Most Committed Institutions

Institutions with NKTR as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
2 22NW, LP Hedge Fund•Long/Short	James Paul Stoner CFO	9.84% $18.8M	1.74% 331.1K shares	Q4 2024 Held for 11 months	$191.5M
G GREAT POINT PARTNERS LLC Private Equity	Jeffrey Robert Jay Managing Partner	7.53% $17.1M	1.58% 300.0K shares	Q3 2025 Held for 2 months	$226.8M
S Stonepine Capital Management, LLC Institution	-	3.93% $4.8M	0.45% 85.0K shares	Q2 2025 Held for 5 months	$123.0M
Deuterium Capital Management, LLC Hedge Fund•Global Macro	Osman Orhun Ozsan CEO	3.08% $2.1M	0.20% 37.3K shares	Q1 2025 Held for 8 months	$69.1M
DIADEMA PARTNERS LP Hedge Fund•Long/Short	Timothy Beau Bassett CIO	2.98% $4.3M	0.39% 75.0K shares	Q4 2024 Held for 11 months	$143.3M
B BVF INC/IL Institution	-	2.94% $72.6M	6.71% 1.3M shares	Q3 2025 Held for 2 months	$2.5B
S SUPERSTRING CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Guo Ting Managing Partner	2.87% $2.9M	0.27% 51.3K shares	Q3 2025 Held for 2 months	$101.5M
Propel Bio Management, LLC Hedge Fund•Sector	Leen Kawas Managing Partner	2.79% $2.8M	0.26% 49.0K shares	Q3 2025 Held for 2 months	$99.9M
Boxer Capital Management, LLC Hedge Fund•Long/Short	Aaron Isaac Davis CEO	2.34% $7.1M	0.66% 125.0K shares	Q2 2025 Held for 5 months	$303.5M
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	Daniel J. Mack Managing Partner	1.47% $23.8M	2.20% 418.5K shares	Q1 2024 Held for 1y 8m	$1.6B

Hedge Fund Spotlight

Discover hedge funds investing in NKTR

AWM Investment Company, Inc.

Hedge Fund • Event Driven

Portfolio ManagerDavid Michael Greenhouse

Portfolio Value: $1.1B
Positions: 101
Last Reported: Q3 2025

Sector Allocation

Position in Nektar Therapeutics

Market Value: $2.3M
Shares Held: 40.0K
Portfolio Weight: 0.21%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Aehr Test Systems AEHR	Semiconductors Technology	$47.2M	4.43%
2 908 Devices MASS	Medical - Devices Healthcare	$45.6M	4.27%
3 American Superconductor AMSC	Industrial - Machinery Industrials	$44.3M	4.15%