NKTR-214 addendum: Even if the SITC melanoma data are modestly bullish for NKTR (as I contend), they might be modestly bearish for BMY.
If Opdivo + NKTR-214 eventually gains commercial traction in melanoma, it could come at the expense of Opdivo + (low-dose) Yervoy usage in that setting. BMY owns 35% of the net profits on NKTR-214, but 100% of the net profits on Yervoy.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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