My Impression is that BMS somewhat validated the price of Nektar in the $100 range. With that in mind and seeing that Nektar is well capitalized I can put a couple of my concerns on the back burner.
Keep in mind there are other drugs in progress as well.
As far as the macro investment picture unveils itself it might be time to hide in something safe.
I disagree it will still move on the data (up or down) as they own 65% of the revenue. Also they have a very interesting IO pipeline further behind and 262+214 will have data later this year. Look at GLPG when GILD bought their equity stake at a significant premium of 58 Euro (in 2015) the stock is 50% higher than the premium today!