Needham & Company LLC Issues Pessimistic Forecast for Nkarta (NASDAQ:NKTX) Stock Price

Nkarta (NASDAQ:NKTX) had its price target dropped by analysts at Needham & Company LLC from $13.00 to $11.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 227.38% from the company’s previous close.

A number of other equities research analysts have also weighed in on NKTX. Raymond James upgraded Nkarta from an “outperform” rating to a “strong-buy” rating and set a $16.00 price objective for the company in a research note on Wednesday, August 14th. HC Wainwright decreased their price target on shares of Nkarta from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. Rodman & Renshaw began coverage on shares of Nkarta in a report on Wednesday, October 9th. They issued a “buy” rating and a $14.00 price target on the stock. Finally, RODMAN&RENSHAW raised shares of Nkarta to a “strong-buy” rating in a report on Wednesday, October 9th. Five investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $17.17.

Nkarta Trading Up 2.8 %

NASDAQ NKTX opened at $3.36 on Friday. The stock has a market cap of $237.08 million, a P/E ratio of -1.63 and a beta of 0.86. The company’s fifty day simple moving average is $4.48 and its 200-day simple moving average is $5.61. Nkarta has a 52 week low of $1.90 and a 52 week high of $16.24.

Nkarta (NASDAQ:NKTX) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.15. On average, research analysts expect that Nkarta will post -1.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Nkarta

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in shares of Nkarta by 110.9% during the third quarter. GAMMA Investing LLC now owns 9,972 shares of the company’s stock valued at $45,000 after purchasing an additional 5,243 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Nkarta during the third quarter valued at approximately $93,000. Forefront Analytics LLC purchased a new stake in shares of Nkarta in the 2nd quarter valued at approximately $70,000. The Manufacturers Life Insurance Company boosted its stake in Nkarta by 92.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,710 shares of the company’s stock worth $122,000 after purchasing an additional 9,975 shares during the period. Finally, AQR Capital Management LLC purchased a new position in Nkarta during the 2nd quarter worth approximately $938,000. Institutional investors and hedge funds own 80.54% of the company’s stock.

Nkarta Company Profile

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.