Intrinsic value of Nektar Therapeutics - NKTR

Previous Close

$72.00

  Intrinsic Value

$0.26

stock screener

  Rating & Target

str. sell

-100%

Previous close

$72.00

 
Intrinsic value

$0.26

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of NKTR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -28.57
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  165
  264
  408
  610
  885
  1,249
  1,717
  2,304
  3,026
  3,893
  4,917
  6,106
  7,466
  8,999
  10,707
  12,589
  14,644
  16,869
  19,260
  21,812
  24,524
  27,390
  30,407
  33,575
  36,890
  40,353
  43,964
  47,725
  51,637
  55,705
  59,934
Variable operating expenses, $m
 
  309
  473
  704
  1,018
  1,433
  1,967
  2,638
  3,461
  4,451
  5,620
  6,969
  8,521
  10,270
  12,220
  14,368
  16,714
  19,253
  21,982
  24,895
  27,990
  31,261
  34,705
  38,320
  42,104
  46,056
  50,178
  54,470
  58,935
  63,578
  68,404
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  278
  309
  473
  704
  1,018
  1,433
  1,967
  2,638
  3,461
  4,451
  5,620
  6,969
  8,521
  10,270
  12,220
  14,368
  16,714
  19,253
  21,982
  24,895
  27,990
  31,261
  34,705
  38,320
  42,104
  46,056
  50,178
  54,470
  58,935
  63,578
  68,404
Operating income, $m
  -113
  -45
  -65
  -94
  -133
  -184
  -250
  -333
  -435
  -558
  -703
  -863
  -1,055
  -1,272
  -1,513
  -1,779
  -2,070
  -2,384
  -2,722
  -3,083
  -3,466
  -3,871
  -4,298
  -4,745
  -5,214
  -5,703
  -6,214
  -6,745
  -7,298
  -7,873
  -8,471
EBITDA, $m
  -98
  -26
  -40
  -60
  -87
  -123
  -169
  -227
  -298
  -384
  -485
  -602
  -736
  -887
  -1,055
  -1,241
  -1,443
  -1,662
  -1,898
  -2,150
  -2,417
  -2,699
  -2,997
  -3,309
  -3,636
  -3,977
  -4,333
  -4,703
  -5,089
  -5,490
  -5,906
Interest expense (income), $m
  21
  21
  2
  14
  31
  54
  84
  123
  173
  233
  305
  391
  490
  603
  731
  873
  1,031
  1,202
  1,388
  1,587
  1,800
  2,026
  2,265
  2,517
  2,781
  3,058
  3,347
  3,648
  3,962
  4,288
  4,627
Earnings before tax, $m
  -153
  -66
  -68
  -108
  -164
  -238
  -335
  -457
  -608
  -791
  -1,008
  -1,254
  -1,545
  -1,875
  -2,244
  -2,653
  -3,100
  -3,586
  -4,110
  -4,670
  -5,266
  -5,897
  -6,563
  -7,262
  -7,995
  -8,761
  -9,560
  -10,393
  -11,260
  -12,161
  -13,098
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -154
  -66
  -68
  -108
  -164
  -238
  -335
  -457
  -608
  -791
  -1,008
  -1,254
  -1,545
  -1,875
  -2,244
  -2,653
  -3,100
  -3,586
  -4,110
  -4,670
  -5,266
  -5,897
  -6,563
  -7,262
  -7,995
  -8,761
  -9,560
  -10,393
  -11,260
  -12,161
  -13,098

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  389
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  569
  288
  445
  665
  965
  1,362
  1,872
  2,513
  3,299
  4,246
  5,363
  6,659
  8,141
  9,813
  11,676
  13,729
  15,970
  18,396
  21,003
  23,787
  26,743
  29,869
  33,160
  36,614
  40,229
  44,006
  47,943
  52,044
  56,311
  60,747
  65,358
Adjusted assets (=assets-cash), $m
  180
  288
  445
  665
  965
  1,362
  1,872
  2,513
  3,299
  4,246
  5,363
  6,659
  8,141
  9,813
  11,676
  13,729
  15,970
  18,396
  21,003
  23,787
  26,743
  29,869
  33,160
  36,614
  40,229
  44,006
  47,943
  52,044
  56,311
  60,747
  65,358
Revenue / Adjusted assets
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
  0.917
Average production assets, $m
  69
  110
  169
  253
  367
  518
  712
  956
  1,256
  1,616
  2,041
  2,534
  3,098
  3,734
  4,443
  5,224
  6,077
  7,001
  7,993
  9,052
  10,177
  11,367
  12,619
  13,934
  15,309
  16,747
  18,245
  19,806
  21,429
  23,118
  24,872
Working capital, $m
  354
  -51
  -79
  -118
  -172
  -242
  -333
  -447
  -587
  -755
  -954
  -1,185
  -1,448
  -1,746
  -2,077
  -2,442
  -2,841
  -3,273
  -3,736
  -4,232
  -4,758
  -5,314
  -5,899
  -6,514
  -7,157
  -7,828
  -8,529
  -9,259
  -10,018
  -10,807
  -11,627
Total debt, $m
  249
  27
  168
  367
  637
  994
  1,453
  2,030
  2,738
  3,589
  4,594
  5,761
  7,095
  8,600
  10,276
  12,124
  14,141
  16,324
  18,670
  21,176
  23,837
  26,650
  29,612
  32,720
  35,974
  39,373
  42,917
  46,608
  50,448
  54,441
  58,591
Total liabilities, $m
  481
  259
  400
  599
  869
  1,226
  1,685
  2,262
  2,970
  3,821
  4,826
  5,993
  7,327
  8,832
  10,508
  12,356
  14,373
  16,556
  18,902
  21,408
  24,069
  26,882
  29,844
  32,952
  36,206
  39,605
  43,149
  46,840
  50,680
  54,673
  58,823
Total equity, $m
  88
  29
  44
  67
  97
  136
  187
  251
  330
  425
  536
  666
  814
  981
  1,168
  1,373
  1,597
  1,840
  2,100
  2,379
  2,674
  2,987
  3,316
  3,661
  4,023
  4,401
  4,794
  5,204
  5,631
  6,075
  6,536
Total liabilities and equity, $m
  569
  288
  444
  666
  966
  1,362
  1,872
  2,513
  3,300
  4,246
  5,362
  6,659
  8,141
  9,813
  11,676
  13,729
  15,970
  18,396
  21,002
  23,787
  26,743
  29,869
  33,160
  36,613
  40,229
  44,006
  47,943
  52,044
  56,311
  60,748
  65,359
Debt-to-equity ratio
  2.830
  0.940
  3.780
  5.510
  6.600
  7.300
  7.760
  8.080
  8.300
  8.450
  8.570
  8.650
  8.720
  8.760
  8.800
  8.830
  8.850
  8.870
  8.890
  8.900
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.960
Adjusted equity ratio
  -1.672
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -154
  -66
  -68
  -108
  -164
  -238
  -335
  -457
  -608
  -791
  -1,008
  -1,254
  -1,545
  -1,875
  -2,244
  -2,653
  -3,100
  -3,586
  -4,110
  -4,670
  -5,266
  -5,897
  -6,563
  -7,262
  -7,995
  -8,761
  -9,560
  -10,393
  -11,260
  -12,161
  -13,098
Depreciation, amort., depletion, $m
  15
  19
  25
  34
  46
  61
  81
  106
  137
  174
  218
  261
  319
  385
  458
  539
  627
  722
  824
  933
  1,049
  1,172
  1,301
  1,436
  1,578
  1,726
  1,881
  2,042
  2,209
  2,383
  2,564
Funds from operations, $m
  -122
  -47
  -43
  -74
  -118
  -177
  -254
  -351
  -471
  -616
  -790
  -992
  -1,225
  -1,490
  -1,786
  -2,114
  -2,474
  -2,864
  -3,286
  -3,737
  -4,217
  -4,725
  -5,262
  -5,826
  -6,417
  -7,035
  -7,679
  -8,351
  -9,050
  -9,778
  -10,534
Change in working capital, $m
  -5
  -19
  -28
  -39
  -53
  -71
  -91
  -114
  -140
  -168
  -199
  -231
  -264
  -297
  -331
  -365
  -399
  -432
  -464
  -495
  -526
  -556
  -585
  -614
  -643
  -672
  -701
  -730
  -759
  -789
  -820
Cash from operations, $m
  -117
  -28
  -15
  -35
  -65
  -107
  -163
  -237
  -331
  -448
  -591
  -762
  -962
  -1,193
  -1,455
  -1,749
  -2,075
  -2,433
  -2,822
  -3,241
  -3,691
  -4,169
  -4,676
  -5,211
  -5,774
  -6,363
  -6,979
  -7,622
  -8,291
  -8,989
  -9,714
Maintenance CAPEX, $m
  0
  -7
  -11
  -17
  -26
  -38
  -53
  -73
  -99
  -129
  -167
  -210
  -261
  -319
  -385
  -458
  -539
  -627
  -722
  -824
  -933
  -1,049
  -1,172
  -1,301
  -1,436
  -1,578
  -1,726
  -1,881
  -2,042
  -2,209
  -2,383
New CAPEX, $m
  -6
  -41
  -60
  -84
  -114
  -151
  -194
  -244
  -299
  -360
  -425
  -493
  -564
  -636
  -709
  -781
  -853
  -923
  -992
  -1,059
  -1,125
  -1,189
  -1,252
  -1,314
  -1,376
  -1,437
  -1,499
  -1,561
  -1,624
  -1,688
  -1,755
Cash from investing activities, $m
  -82
  -48
  -71
  -101
  -140
  -189
  -247
  -317
  -398
  -489
  -592
  -703
  -825
  -955
  -1,094
  -1,239
  -1,392
  -1,550
  -1,714
  -1,883
  -2,058
  -2,238
  -2,424
  -2,615
  -2,812
  -3,015
  -3,225
  -3,442
  -3,666
  -3,897
  -4,138
Free cash flow, $m
  -199
  -76
  -86
  -137
  -205
  -295
  -410
  -554
  -729
  -938
  -1,183
  -1,465
  -1,787
  -2,148
  -2,549
  -2,988
  -3,466
  -3,983
  -4,536
  -5,125
  -5,749
  -6,408
  -7,101
  -7,827
  -8,586
  -9,378
  -10,204
  -11,063
  -11,957
  -12,886
  -13,852
Issuance/(repayment) of debt, $m
  -6
  -219
  141
  198
  270
  357
  459
  577
  708
  852
  1,005
  1,167
  1,334
  1,505
  1,676
  1,848
  2,017
  2,183
  2,346
  2,506
  2,661
  2,813
  2,962
  3,109
  3,254
  3,399
  3,544
  3,691
  3,840
  3,993
  4,150
Issuance/(repurchase) of shares, $m
  210
  393
  83
  130
  194
  278
  386
  521
  687
  885
  1,119
  1,383
  1,693
  2,042
  2,430
  2,858
  3,324
  3,829
  4,370
  4,948
  5,562
  6,210
  6,892
  7,608
  8,357
  9,139
  9,954
  10,803
  11,686
  12,605
  13,559
Cash from financing (excl. dividends), $m  
  204
  174
  224
  328
  464
  635
  845
  1,098
  1,395
  1,737
  2,124
  2,550
  3,027
  3,547
  4,106
  4,706
  5,341
  6,012
  6,716
  7,454
  8,223
  9,023
  9,854
  10,717
  11,611
  12,538
  13,498
  14,494
  15,526
  16,598
  17,709
Total cash flow (excl. dividends), $m
  4
  98
  139
  192
  259
  339
  435
  544
  666
  799
  942
  1,085
  1,240
  1,399
  1,558
  1,717
  1,875
  2,030
  2,181
  2,329
  2,473
  2,615
  2,753
  2,890
  3,025
  3,159
  3,294
  3,431
  3,569
  3,711
  3,858
Retained Cash Flow (-), $m
  -82
  -393
  -83
  -130
  -194
  -278
  -386
  -521
  -687
  -885
  -1,119
  -1,383
  -1,693
  -2,042
  -2,430
  -2,858
  -3,324
  -3,829
  -4,370
  -4,948
  -5,562
  -6,210
  -6,892
  -7,608
  -8,357
  -9,139
  -9,954
  -10,803
  -11,686
  -12,605
  -13,559
Prev. year cash balance distribution, $m
 
  386
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  91
  56
  62
  65
  61
  49
  23
  -21
  -86
  -177
  -299
  -453
  -644
  -872
  -1,141
  -1,450
  -1,799
  -2,189
  -2,619
  -3,088
  -3,595
  -4,139
  -4,718
  -5,332
  -5,979
  -6,660
  -7,372
  -8,117
  -8,893
  -9,702
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  88
  51
  54
  53
  48
  35
  15
  -13
  -49
  -93
  -142
  -193
  -245
  -293
  -335
  -368
  -391
  -403
  -403
  -392
  -372
  -343
  -309
  -272
  -233
  -194
  -158
  -126
  -97
  -73
Current shareholders' claim on cash, %
  100
  50.0
  38.8
  30.0
  23.2
  18.0
  14.0
  11.0
  8.6
  6.8
  5.4
  4.3
  3.4
  2.7
  2.2
  1.8
  1.4
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

Nektar Therapeutics is a biopharmaceutical company that discovers and develops medicines in areas of high unmet medical need. The Company's research and development pipeline of new investigational drugs includes treatments for cancer, auto-immune disease and chronic pain. It leverages its chemistry platform to discover and design new drug candidates. These drug candidates utilize its polymer conjugate technology platforms, which are designed to enable the development of new molecular entities that target known mechanisms of action. Its programs include Immuno-oncology (I-O), Immunology, Pain-NKTR-181 and Oncology-ONZEALD. It is developing medicines designed to directly or indirectly modulate the activity of key immune cells, such as cytotoxic T cells and Natural Killer (NK) cells, to increase their numbers and improve their function to recognize and attack cancer cells.

FINANCIAL RATIOS  of  Nektar Therapeutics (NKTR)

Valuation Ratios
P/E Ratio -71.6
Price to Sales 66.9
Price to Book 125.4
Price to Tangible Book
Price to Cash Flow -94.3
Price to Free Cash Flow -89.7
Growth Rates
Sales Growth Rate -28.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -45.5%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 130
Current Ratio 0.1
LT Debt to Equity 279.5%
Total Debt to Equity 283%
Interest Coverage -6
Management Effectiveness
Return On Assets -24.9%
Ret/ On Assets - 3 Yr. Avg. -15.4%
Return On Total Capital -52.1%
Ret/ On T. Cap. - 3 Yr. Avg. -42.8%
Return On Equity -327.7%
Return On Equity - 3 Yr. Avg. -171.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 81.8%
Gross Margin - 3 Yr. Avg. 84.2%
EBITDA Margin -70.9%
EBITDA Margin - 3 Yr. Avg. -34.5%
Operating Margin -68.5%
Oper. Margin - 3 Yr. Avg. -31.7%
Pre-Tax Margin -92.7%
Pre-Tax Margin - 3 Yr. Avg. -51.6%
Net Profit Margin -93.3%
Net Profit Margin - 3 Yr. Avg. -51.8%
Effective Tax Rate -0.7%
Eff/ Tax Rate - 3 Yr. Avg. -0.2%
Payout Ratio 0%

NKTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NKTR stock intrinsic value calculation we used $165 million for the last fiscal year's total revenue generated by Nektar Therapeutics. The default revenue input number comes from 2016 income statement of Nektar Therapeutics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NKTR stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for NKTR is calculated based on our internal credit rating of Nektar Therapeutics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Nektar Therapeutics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NKTR stock the variable cost ratio is equal to 118.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NKTR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.5% for Nektar Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Nektar Therapeutics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NKTR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NKTR are equal to 41.5%.

Life of production assets of 9.7 years is the average useful life of capital assets used in Nektar Therapeutics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NKTR is equal to -19.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $88 million for Nektar Therapeutics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 159.578 million for Nektar Therapeutics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Nektar Therapeutics at the current share price and the inputted number of shares is $11.5 billion.

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COMPANY NEWS

▶ Harry Boxers three health-care stocks to watch today   [Jan-10-18 11:39AM  MarketWatch]
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▶ Nektar Therapeutics to Host Earnings Call   [Dec-11-17 12:00PM  ACCESSWIRE]
▶ 3 Stocks That Quadrupled   [09:32AM  Motley Fool]
▶ Nektars NKTR-181 Expected to Transform Chronic Pain Market   [Nov-29-17 10:34AM  Market Realist]
▶ Nektar Therapeutics Raised Its Revenue Guidance for 2017   [Nov-28-17 05:15PM  Market Realist]
▶ Is It Too Late To Invest In Surging Biotech, Chip Stocks?   [10:01AM  Investor's Business Daily]
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▶ Whats Next for Nektar Therapeutics?   [12:40PM  Motley Fool]
▶ Harry Boxer on four stocks rallying today   [Nov-16-17 02:03PM  MarketWatch]
▶ Company News For Nov 14, 2017   [Nov-14-17 10:32AM  Zacks]
▶ Why Roku, GGP, and Nektar Therapeutics Jumped Today   [Nov-13-17 04:30PM  Motley Fool]
▶ Why Nektar Therapeutics Shares Are Soaring 13% Higher   [Nov-08-17 03:20PM  Motley Fool]
▶ Nektar tops Street 3Q forecasts   [06:37PM  Associated Press]
▶ Nektar Rockets To 16-Year High As Analyst Pegs It For Success   [05:10PM  Investor's Business Daily]
▶ Should You Buy Nektar Therapeutics (NKTR) Now?   [03:15PM  Simply Wall St.]
Financial statements of NKTR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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