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BMY - Nektar stock slumps 36% on Goldman Sachs downgrade following bempeg program termination

Bristol-Myers Squibb Company
Nektar Therapeutics (NASDAQ:NKTR) stock fell ~36% on April 18 after a downgrade by Goldman Sachs to Sell from Neutral following Nektar and Bristol Myers Squibb's (BMY) decision to terminate the bempegaldesleukin ((bempeg)) program. The firm said it is expecting Nektar's (NKTR) shares to relatively underperform over the near-to-intermediate term. The firm added that model changes net to its price target remained at $3, which represent -50% downside versus +35% upside for its coverage universe. After market-close on April 14, Nektar (NKTR) and Bristol Myers (BMY) said they had decided to end the global clinical development program for NKTR's anti-cancer drug candidate bempegaldesleukin in combination with BMY's Opdivo (nivolumab) following analysis of two late-stage clinical studies of bempegaldesleukin/Opdivo in renal cell carcinoma  (kidney cancer) and bladder cancer. The companies also said that other ongoing studies in the bempegaldesleukin/Opdivo program will be discontinued.

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Nektar stock slumps 36% on Goldman Sachs downgrade following bempeg program termination
Stock Information
Company Name: Bristol-Myers Squibb Company
Stock Symbol: BMY
Market: NYSE
Website: bms.com
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