Nkarta, Inc. (NASDAQ:NKTX) Sees Large Drop in Short Interest

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

Hedge Funds Weigh In On Nkarta

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Nkarta by 26.0% during the first quarter. Vanguard Group Inc. now owns 1,966,271 shares of the company’s stock worth $21,255,000 after acquiring an additional 405,753 shares during the period. Wasatch Advisors LP raised its stake in Nkarta by 31.7% during the third quarter. Wasatch Advisors LP now owns 1,834,680 shares of the company’s stock worth $8,293,000 after acquiring an additional 442,125 shares during the period. Geode Capital Management LLC raised its stake in Nkarta by 3.0% during the third quarter. Geode Capital Management LLC now owns 1,171,026 shares of the company’s stock worth $5,294,000 after acquiring an additional 33,927 shares during the period. State Street Corp raised its stake in Nkarta by 1.4% during the third quarter. State Street Corp now owns 1,098,062 shares of the company’s stock worth $4,963,000 after acquiring an additional 15,569 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Nkarta by 12.0% during the second quarter. Renaissance Technologies LLC now owns 912,872 shares of the company’s stock worth $5,395,000 after acquiring an additional 98,000 shares during the period. Institutional investors own 80.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Mizuho dropped their price objective on Nkarta from $20.00 to $16.00 and set an “outperform” rating for the company in a report on Thursday, November 21st. Needham & Company LLC decreased their price target on shares of Nkarta from $13.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, November 8th. RODMAN&RENSHAW raised shares of Nkarta to a “strong-buy” rating in a research report on Wednesday, October 9th. HC Wainwright decreased their price target on shares of Nkarta from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, Raymond James raised shares of Nkarta from an “outperform” rating to a “strong-buy” rating and set a $16.00 price objective for the company in a research report on Wednesday, August 14th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $15.00.

Nkarta Stock Performance

Shares of NKTX stock traded down $0.12 during trading hours on Friday, hitting $2.87. 1,175,195 shares of the company were exchanged, compared to its average volume of 1,155,350. Nkarta has a one year low of $2.38 and a one year high of $16.24. The business’s 50-day simple moving average is $3.54 and its two-hundred day simple moving average is $5.12. The stock has a market capitalization of $202.54 million, a price-to-earnings ratio of -1.53 and a beta of 0.86.

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.