Nektar Therapeutics (NKTR) bounded higher Monday after its immunotherapy combination with Bristol-Myers Squibb (BMY) showed promise as a melanoma treatment.
XOn the stock market today, Nektar stock jumped 8.7%, to 36.99, in above-average volume. Meanwhile, biotech stocks sank more than 3%.
The study looked at an immunotherapy combination using Nektar' NKTR-214 and Bristol's drug, Opdivo. Overall, 53% of patients responded to treatment. Nektar presented the data during the Society for Immunotherapy of Cancer meeting on Friday.
'Promising Contender' In Immunotherapy
Following the data presentation, Canaccord Genuity analyst Arlinda Lee called NKTR-214 a "promising contender in cancer immunotherapy." She kept her buy rating on Nektar stock, though she cut her price target to 86 from 94.
Nektar evaluated 38 patients. Overall, 20 responded to the immunotherapy regimen. Nine patients, or 24%, had complete responses. Of the 20 patients, 17 were still responding to the immunotherapy regimen as of the data cutoff.
Opdivo is thought to work better in patients who have more of a protein called PD-L1. But 43% of patients whose tumors don't have that protein responded. Responses were slightly higher in patients with PD-L1, at 68%.
The most common side effects were flu-like symptoms, rash, fatigue, itching, nausea, and joint or muscle pain. Eight out of a total 41 patients experienced a severe or worse side effect. Two patients discontinued treatment.
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