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Tag: NKTR

  • Nektar Therapeutics (NKTR) Takes another Blow on another Key Cancer Drug Clinical Trial

    On April 14, Nektar Therapeutics (NKTR) jointly announced with Bristol Myers Squibb (BMY) to drop the global clinical development program for key cancer drug bempegaldesleukin (BRMPRG) in combination with Opdivo. Consequently, shares of NKTR plunged down by 17.05% in the after-hours on Friday to reach $5.11. This downfall came after a slight decline of 0.16% during the prior session.

    Source: GEN

    Latest Update

    The company’s BEMPEG was being tested in combination with BMY’s Opdivo in renal cell carcinoma and bladder cancer in two clinical trials (among others). In an update on the two trials on Friday, both the companies shared their plan to discontinue the studies as well as all other ongoing studies in the program. Hence, the whole global program for the clinical development of the drugs in combination will be ended.

    The reason for this discontinuation was the latest results from the analyses of the two clinical studies. The final analysis of the objective response rate (ORR) demonstrated that the combination of the drugs failed to meet the statistical significance or efficacy threshold. Moreover, overall survival (OS) also did not meet statistical significance.

    Additionally, the results were analyzed by the independent Data Monitoring Committee (DMC) and assessed by Blinded Independent Central Review.

    Recently, two other pivotal studies in melanoma were also announced to be discontinued as one of the trials failed to meet its main goals. Thus, the companies would work together for discontinuing the trial program for the drug combination.

    Healthcare Stocks & NKTR

    As the economic concerns continue to grow, investors are targeting defensive sectors including healthcare, utilities, and consumer staples. Given the geopolitical uncertainty and the Fed’s fights against inflation, the market is up for some more turbulent times ahead as some even expect a recession. Therefore, by focusing on defensive sectors, investors are trying to shield themselves from the stormy weather.

    All the defensive sectors are so far outperformed the broader S&P 500 in April.

    Thus, while enjoying gains of 11.9% in the past month, NKTR also has suffered due to the gloomy situation with its cancer drug development.

    What’s up Ahead for NKTR?

    For 2022, the company was expecting total revenues of $185-195 million including an anticipated milestone payment from Bristol-Myers. But since the whole program of BMI with NKTR is about to be closed the milestone payments are now highly unlikely. Hence, the company is now working on a strategic plan to bring in support for its cash runway goals while remaining dedicated to developing therapeutics.

  • Update on PIVOT IO-001 Phase 3 Trials: Nektar Therapeutics (NKTR) Stock Sinking Premarket.

    Nektar Therapeutics (NKTR) is a leading biotherapeutics company engaged in the development of a vigorous R&D pipeline for investigational drugs related to oncological and immunological issues.

    NKTR stock price in the regular trading on March 11, 2022, weakened by 2.74% to be $10.6. Its price further fell significantly by 47.3% at the last check of the premarket session of March 14, 2022.

    NKTR: Events and Happenings

    On March 14, 2022, NKTR and Bristol Myres Squibb co-announced the data regarding Phase 3 PIVOT IO-001 trials assessing the doublet therapy outcomes in comparison to monotherapy as a treatment for metastatic melanoma. The study regarding its efficacy and safety did not meet its prime endpoints. The data was reviewed by an independent Data Monitoring Committee.

    NKTR: Key Financials

    On February 28, 2022, NKTR released its financial report for the fourth quarter ended December 31, 2021. Some key aspects are shared here.

    Revenue

    Revenue was $25.0 million in Q4 2021 corresponding to $23.5 million in the comparable quarter in 2020. The total revenue gained by $1.5 million over the year. Also, the company missed the analysts’ estimations by $320 thousand.

    EPS

    Basic and diluted net loss per share for Q3 2021 was $145.6 million or $0.79 corresponding to $117.2 million or $0.65 for the comparable period of 2020. The earnings per share of the company reduced YoY. Also, it topped the EPS estimations by $0.02.

    On January 5, 2022, NKTR reported that the company’s CEO, Howard Robin participated at the virtual 40th Annual J.P. Morgan Healthcare Conference held on January 11. On December 15, 2021, NKTR updated on the presentation of the initial outcomes by its collaborator Eli Lilly & Company from Phase 1 trials of NKTR-358. The data was presented at the company’s Investment Community Meeting.

    On December 13, 2021, KTR announced the presentation of outcomes of Phase 1 NKTR-255 trials at the Annual Meeting of the 63rd American Society of Hematology.

    Conclusion

    NKTR stock plummeted by 50% over the past year. In the recent premarket trading, its stock plummeted significantly as the company did not meet the primary endpoint in its clinical trials of PIVOT IO-001. For the first fiscal quarter of 2022, the company expects revenue of $23.3 million (which is less compared to Q4 2021) and EPS of -$0.84.