NKTR - Nektar stock slumps ~50% after phase 3 trial in skin cancer with Bristol Myers fails

Bristol Myers Squibb (NYSE:BMY) and Nektar Therapeutics' (NASDAQ:NKTR) phase 3 trial evaluating bempegaldesleukin in combination with Opdivo (nivolumab) against Opdivo alone as a first-line treatment for previously untreated unresectable or metastatic melanoma did not meet the main goals. Following an initial review of the study, dubbed PIVOT IO-001, the companies were informed that the study did not meet the main goal of progression-free survival (PFS) (the length of time a patient lives with the disease without the condition getting worse) and objective response rate (ORR). The third main objective of overall survival (OS) did not meet statistical significance at the first interim analysis. The company said that since there was no additional clinical benefit in the doublet therapy arm for PFS and ORR, they have decided to unblind the trial and to perform no additional analyses for the OS endpoint. In addition, the companies also made the decision to discontinue enrollment and unblind

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Nektar stock slumps ~50% after phase 3 trial in skin cancer with Bristol Myers fails