shares dropped in the extended session Thursday after the biotech company’s revenue came in below Wall Street targets. Nektar shares dropped 31% after hours, following a 2.7% rise in the regular session to close at $29.57. The company reported a second-quarter loss of $109.9 million, or 63 cents a share, compared with net income of $971.5 million, or $5.33 a share, in the year-ago period. In the year-ago period, Nektar received $1.06 billion in licensing revenue from Bristol-Myers Squibb Co.
Revenue fell to $23.3 million from $1.09 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 80 cents a share on revenue of $26.6 million.