NKTR—I may be beating a dead horse, but “holding serve” in tennis—thereby avoiding a very bad outcome—is not neutral, but rather is modestly bullish, even against a weak opponent.
Your HCV analogy does not directly apply to the NKTR situation, IMO, insofar as SVR12 in HCV has been empirically shown to be tantamount to a full-fledged cure. (Using your tennis analogy, extending SVR12 to SVR24 is not equivalent to holding serve, since the match was effectively over when SVR12 was reached.) We cannot (yet) make the same assertion about an I-O regimen in melanoma that elicits a CR at 12 weeks.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”