CING - Why Is Nektar Therapeutics (NKTR) Stock Down 39% Today?
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Nektar Therapeutics (NASDAQ:NKTR) stock is taking a beating on Friday following the release of Phase 2 clinical trial data.
This Phase 2 study had Nektar Therapeutics testing the effectiveness of rezpegaldesleukin in treating patients with moderately-to-severely active systemic lupus erythematosus (SLE). Rezpegaldesleukin is a drug for treating certain autoimmune diseases.
The bad news hitting NKTR stock today is that Phase 2 clinical trial failed to meet its primary endpoint. This saw it failed to reach a 4-point reduction in the SLEDAI-2K score. As a result, development partner Lilly doesn’t intend to move the treatment forward with a Phase 3 clinical trial.
Brian L. Kotzin, M.D., CMO of Nektar, said the following about the study results.
“We believe that these study results seen in the ISLAND study show that rezpegaldesleukin had a positive impact on disease activity in patients with moderately-to-severely active systemic lupus erythematosus. These data also further support rezpegaldesleukin’s ability to expand regulatory T cells and the potential for this T regulatory cell stimulator to be used as a novel approach in the field of autoimmune disease.”
How This Affects NKTR Stock
Shares of NKTR stock are falling today following the clinical trial news. That makes sense considering the poor results. While there is a Phase 2b trial planned for rezpegaldesleukin, some investors may not want to stick around for that trial to finish.
NKTR stock is down 38.9% as of Friday morning.
Investors looking for more of the latest stock market news are in the right place!
We’ve got all of the hottest stock market coverage traders need to know about on Friday! That includes why shares of SELLAS Life Sciences (NASDAQ:SLS), Bridger Aerospace (NASDAQ:BAER), and Cingulate (NASDAQ:CING) stock are moving today. You can find more on these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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