Nektar's Recent Data in Bladder Cancer Doesn't Change Our Skeptical Outlook for NKTR-214
Nektar released Phase 1/2 study data of its lead immuno-oncology candidate NKTR-214 (now termed bempegaldesleukin) in combination with Bristol's Opdivo in frontline bladder cancer at the Genitourinary Cancers Symposium on Feb. 15. We don’t see anything in the results that alter our long-term outlook for the combination, and we're maintaining our fair value estimate of $39 per share and no-moat rating. Our valuation factors in a 50% likelihood of NKTR-214 and Opdivo approval in bladder cancer, wi...Nektar Therapeutics is a research-based biopharmaceutical company. The company's proprietary drugs and drug candidates that have either received regulatory approval or are being developed by the company or in collaboration with other pharmaceutical companies or independent investigators include: ONZEALD?, a topoisomerase I inhibitor targeted for advanced metastatic breast cancer in patients with brain metastases; NKTR-181, an orally-available mu-opioid analgesic molecule for moderate to severe chronic pain; NKTR-214, a CD122-biased immune-stimulatory cytokine targeted for oncology; NKTR-358 for autoimmune disease; NKTR-262 targeted for solid tumors; and NKTR-255 targeted for immuno-oncology.
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