Nektar Therapeutics options flow shows bullish bets against a bearish tape

On September 15, Nektar Therapeutics (NKTR) options flow revealed a stark contrast between bearish market sentiment and bullish bets. The call/put ratio stood at an unprecedented 27.5:1, with 3,082 calls versus 112 puts. Despite the stock's sharp decline of -3.38% to $66.185, this bullish tilt persisted. The Jan 15, 2027 $70 call option, initiated by Wedbush with a Neutral price target, was the most active, indicating confidence in the firm's bullish stance.

Interestingly, 3-month implied volatility dropped 1.95 percentage points to 74.12%, suggesting market participants were less concerned about further declines. This aligns with the collapsing 90/110 skew, indicating diminishing demand for tail-risk hedging. The options market's optimism clashes with the stock's Strong Sell signals across all short-term timeframes.

The weekly chart even displayed an Advance Block Bearish pattern, a strong exhaustion signal. Despite this, the Jan 2027 long-dated calls demonstrate substantial conviction, with Q2 2026 EPS beat and $373.8M raised in April to fund Phase 3 trials. The options market, therefore, is betting on today's pain potentially becoming tomorrow's entry point, provided the stock rebounds and holds.