Nektar Therapeutics (NKTR)

[DewDiligence]

NKTR -24%/AH on_termination_of Bempeg program following phase-3 failures in RCC and bladder cancer:

https://finance.yahoo.com/news/nektar-bristol-myers-squibb-announce-203000621.html

Nektar Therapeutics and Bristol Myers Squibb (NYSE: BMY) today announced that based on results from pre-planned analyses of two late-stage clinical studies of bempegaldesleukin (BEMPEG) in combination with Opdivo (nivolumab) in renal cell carcinoma (RCC) and bladder cancer, the companies have jointly decided to end the global clinical development program for bempegaldesleukin in combination with Opdivo. These studies and all other ongoing studies in the program will be discontinued.

Bempeg previously failed in a phase-3 trial in combination with Opdivo in melanoma (#msg-168191364), so today’s news is three strikes and you’re out!

Rarely has a cancer drug failed so utterly and completely to live up to initial expectations (#msg-138532013). NKTR’s share price is down 96%(!) from its 2018 high.