JPMorgan analyst Jessica Fye expects this weekend's updated results from Nektar Therapeutics's PIVOT-02 melanoma cohort should be well received by investors. While objective response rate and complete responses rates are unchanged since ASCO when median follow-up was 12.7 months, complete responses still has not been reached with median progression-free survival now 18.6 months, Fye tells investors in a research note. The analyst sees the building progression-free survival durability in PIVOT-02 as encouraging, and assumes a 65% probability of success. However, she keeps a Neutral rating on Nektar shares, citing difficulty in identifying a "meaningful near-term catalyst to reverse sentiment."