Piper Jaffray analyst Tyler Van Buren keeps his Overweight rating and $125 price target on Nektar (NKTR) after the release of PIVOT ASCO abstract of NKTR 214+nivo (BMY). The analyst says that while the 1L melanoma response rate may be "slightly lower than some had hoped for", the 1L RCC response rate were "nicely above" what has been seen with ipi+nivo treatment. Van Buren adds that while small in numbers, "3/4 responses in 1L bladder and 1/3 responses in triple negative breast cancer are encouraging." The analyst believes that the stock may be down in the morning, but investors should not come to "rash conclusions", as the ASCO presentation with more patients and detail is likely to be positive.