Nektar, Bristol Myers Squibb end clinical development of combination therapy including Opdivo

Shares of Nektar Therapeutics Inc. were down 35.9% in trading on Monday after the company announced Friday that it halted development of bempegaldesleukin in combination with Bristol Myers Squibb’s Opdivo. The combination was being tested in several types of cancer, including renal cell carcinoma and urothelial carcinoma. Wall Street now views Nektar as an “autoimmune company” based on its work with Eli Lilly & Co. to develop therapies for ulcerative colitis, atopic dermatitis, and psoriasis, among other conditions, according to SVB Leerink analyst Daina Graybosch. Mizuho Americas lowered Nektar’s price target to $6.00 from $8.00 following the news. Nektar’s stock has tumbled 70.6% this year, while the S&P 500 is down 7.8%.

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