Nektar Therapeutics
NKTR
180 hedge funds and large institutions have $732M invested in Nektar Therapeutics in 2025 Q4 according to their latest regulatory filings, with 62 funds opening new positions, 49 increasing their positions, 43 reducing their positions, and 32 closing their positions.
94% more first-time investments, than exits
New positions opened: 62 | Existing positions closed: 32
36% more call options, than puts
Call options by funds: $36.6M | Put options by funds: $26.8M
25% more funds holding in top 10
Funds holding in top 10: 4 → 5 (+1)
17% more funds holding
Funds holding: 154 → 180 (+26)
14% more repeat investments, than reductions
Existing positions increased: 49 | Existing positions reduced: 43
9.35% more ownership
Funds ownership: 75.78% → 85.14% (+9.4%)
11% less capital invested
Capital invested by funds: $820M → $732M (-$88M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TSC
Two Seas Capital
Rye,
New York
|
+$41.7M |
| 2 |
PM
Prosight Management
Dallas,
Texas
|
+$31M |
| 3 |
AC
Armistice Capital
New York
|
+$18.4M |
| 4 |
SI
Sofinnova Investments
Menlo Park,
California
|
+$17.9M |
| 5 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
+$17.9M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FCM
Farallon Capital Management
San Francisco,
California
|
-$45M |
| 2 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$30.3M |
| 3 |
Morgan Stanley
New York
|
-$20.3M |
| 4 |
NCM
Nantahala Capital Management
New Canaan,
Connecticut
|
-$17.1M |
| 5 |
JFG
Jefferies Financial Group
New York
|
-$10.7M |
NKTR Hedge Fund Activity: Q4 2025 in Review
180 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Nektar Therapeutics (NKTR) for Q4 2025, worth a combined $732M — down 11% from $820M a quarter earlier.
Buyers outnumbered sellers: 62 funds opened new NKTR positions and 32 closed out — a net gain of 30 holders — while 49 added to existing stakes and 43 trimmed.
The largest buyer was Two Seas Capital, opening a new position worth an estimated $41.7M. The largest seller was Farallon Capital Management, exiting entirely with an estimated $45M sold.
- 180 institutional investors held Nektar Therapeutics (NKTR) as of Q4 2025, up from 154 in Q3 2025.
- Funds reported $732M of Nektar Therapeutics stock for Q4 2025, down 11% quarter-over-quarter.
- 62 funds opened new Nektar Therapeutics positions in Q4 2025 and 32 closed out, a net change of +30 holders.
- The largest Nektar Therapeutics buyer in Q4 2025 was Two Seas Capital, an estimated $41.7M added.
- The largest Nektar Therapeutics seller in Q4 2025 was Farallon Capital Management, an estimated $45M sold.
Based on aggregated 13F filings for Q4 2025.