Nektar Therapeutics stock dropped 3% after completing a new share flotation.

Nektar Therapeutics (NASDAQ: NKTR) saw its stock price drop by 3% after closing a secondary stock issue, with investors selling shares. The S&P 500 rose by 0.8%. Nektar completed a new share flotation, selling 4.89 million shares, raising approximately $115 million for general corporate purposes, including drug development.

The share flotation dilutes existing shareholders, raising concerns about future equity offerings. Nektar has several pipeline projects, including rezpegaldesleukin for treating atopic dermatitis. While the company has potential, the new shares are impacting the stock. The Motley Fool did not include Nektar in its top 10 stock picks.

Investors may be wary of more dilution and future equity offerings from Nektar. While the company has promising pipeline projects, the new shares are a concern for investors. The Motley Fool did not include Nektar in its top 10 stock picks.

Read more at Yahoo Finance: Why Nektar Therapeutics Stock Dived by 3% Today