Nektar Therapeutics (
NASDAQ:NKTR)
is now facing the unenviable challenge of picking up the pieces and
rebuilding investor confidence in the company and the stock after the
disappointing failure of the company’s pivotal combo study in melanoma.
Although there are
still additional
studies of bempegaldesleukin (or “bempeg”) that have yet to read out, it
seems unlikely that there will be winners here, leaving Nektar as a
more development-stage biotech with three early-stage lead compounds. I
was completely wrong about the likelihood of bempeg succeeding in
melanoma, and that was what I believed to be the program with the
highest likelihood of success given the established use of IL-2 as a
last-ditch therapy. I can’t completely write-off the remaining bempeg
studies, but I think it would be highly surprising if any of them showed
efficacy to warrant an NDA submission, and the three remaining lead
compounds (NKTR-358, NKTR-255, and NKTR-262) are too early in their
development to support a strong share price today.
Follow this link for the full article:
After A High-Profile Failure In Melanoma, Nektar Therapeutics' Value Shifts To Its Early-Stage Pipeline
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