Nkarta, Inc. (NASDAQ:NKTX) Sees Significant Decline in Short Interest

Nkarta, Inc. (NASDAQ:NKTX) saw a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 6,770,000 shares, a drop of 29.3% from the October 31st total of 9,570,000 shares. Based on an average daily volume of 789,300 shares, the days-to-cover ratio is presently 8.6 days.

Nkarta Stock Performance

Shares of NASDAQ NKTX traded down $0.12 during trading on Friday, reaching $2.87. The company had a trading volume of 1,175,195 shares, compared to its average volume of 1,155,350. Nkarta has a 52 week low of $2.38 and a 52 week high of $16.24. The stock has a market cap of $202.54 million, a PE ratio of -1.53 and a beta of 0.86. The business’s 50 day moving average price is $3.54 and its 200-day moving average price is $5.12.

Analyst Upgrades and Downgrades

NKTX has been the topic of several analyst reports. Needham & Company LLC dropped their price target on shares of Nkarta from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Mizuho dropped their price target on shares of Nkarta from $20.00 to $16.00 and set an “outperform” rating on the stock in a research note on Thursday, November 21st. Rodman & Renshaw began coverage on shares of Nkarta in a research note on Wednesday, October 9th. They issued a “buy” rating and a $14.00 price target on the stock. Raymond James upgraded shares of Nkarta from an “outperform” rating to a “strong-buy” rating and set a $16.00 price objective for the company in a report on Wednesday, August 14th. Finally, HC Wainwright reduced their target price on shares of Nkarta from $22.00 to $18.00 and set a “buy” rating for the company in a report on Monday, November 11th. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $15.00.

Institutional Investors Weigh In On Nkarta

Institutional investors and hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new position in Nkarta during the second quarter valued at approximately $26,000. GAMMA Investing LLC raised its position in Nkarta by 1,887.0% during the second quarter. GAMMA Investing LLC now owns 4,729 shares of the company’s stock worth $28,000 after acquiring an additional 4,491 shares in the last quarter. Erste Asset Management GmbH bought a new stake in Nkarta during the third quarter worth $33,000. The Manufacturers Life Insurance Company raised its position in Nkarta by 92.9% during the second quarter. The Manufacturers Life Insurance Company now owns 20,710 shares of the company’s stock worth $122,000 after acquiring an additional 9,975 shares in the last quarter. Finally, Forefront Analytics LLC bought a new stake in Nkarta during the second quarter worth $70,000. 80.54% of the stock is owned by 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.