Nektar Therapeutics NKTR is trading significantly lower Monday morning after the company's Phase 3 PIVOT trial, in combination with Bristol-Myers Squibb Co BMY, did not meet its primary endpoint.
Following a review of the study for efficacy and safety by an independent Data Monitoring Committee, Nektar was informed that the study did not meet the primary endpoints of progression-free survival and objective response rate. Furthermore, the third primary endpoint of overall survival did not meet statistical significance at the first interim analysis.
Nektar and Bristol-Mysers decided to unblind the trial and refrain from performing additional analyses for the overall survival endpoint. Moreover, the companies made the decision to discontinue enrollment and unblind the ongoing PIVOT-12 study in adjuvant melanoma.
NKTR 52-Week Range: $9.31 - $23.50
The stock was down 50.3% at $5.28 at time of publication.
Photo: jarmoluk from Pixabay.
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