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Fly News Breaks for January 10, 2020
BMY, NKTR
Jan 10, 2020 | 09:04 EDT
No longer nine malignancies spread across 20 lines of treatment, the amended collaboration between Nektar Therapeutics (NKTR) and Bristol-Myers Squibb (BMY) limits bempeg to basically three tumor types, H.C. Wainwright analyst Debjit Chattopadhyay tells investors in a research note. While these programs are to be jointly funded, Bristol would independently conduct and fund a Phase 1/2 dose optimization and expansion study in first-line non-small-cell lung cancer with bempeg and nivolumab, which is a tacit admission of impeding competition from THOR-707, contends the analyst. He believes that should THOR-707 live up to its expectations, any wins for the bempeg combo "could prove to be ephemeral." Chattopadhyay keeps a Neutral rating on Nektar shares with a $32 price target.
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