Biotech Values

[JohnWayne]

NKTR: the interim report of CheckMate 067 had 8.9% CR rate for Opdivo monotherapy. Opdivo + Yervoy CR rate was 11.5%. Opdivo monotherapy ORR in PD-L1 “negative” was 41%, granted using a 5% cutoff.

SITC data look good, but spectre of epac still looms large. Are the data so good that it looks clearly better than what you could expect from Opdivo monotherapy in a small study at (I’m assuming) top US academic centers? I don’t think so.