Nektar and B-MS shares hit hard by perceptions of ASCO data
Shares in US biotech Nektar Therapeutics (Nasdaq: NKTR) were down by as much as 40% after the morning's trading on Monday as markets mulled over news on its development of NKTR-214.
Nektar and its development partner Bristol-Myers Squibb (NYSE: BMY) – which was also down by 5% at $50.57 at lunchtime – had presented preliminary data on the immunotherapy combination of NKTR-214 and B-MS’ Opdivo (nivolumab) late on Friday.
The data from the ongoing PIVOT Phase I/II study was presented at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting, and the perception around it was perhaps not helped by the strength of trial results unveiled at the event around Merck & Co’s (NYSE: MRK) rival to Opdivo in immuno-oncology (I-O), Keytruda (pembrolizumab).
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