Why Nektar Therapeutics (NKTR) Stock Is Plunging Today - Nektar Therapeutics (NASDAQ:NKTR)

Nektar Therapeutics NKTR announced topline data from a Phase 2 study of rezpegaldesleukin (LY3471851 or REZPEG) in adults with moderately-to-severely active systemic lupus erythematosus (SLE).
Although the mid-dose level demonstrated a numeric improvement in SLEDAI-2K score compared to the placebo (with a placebo-adjusted response of 8.8% for the modified intent-to-treat (mITT) population and 13.9% for the per-protocol population), the primary endpoint was not met.
SLEDAI-2K score stratifies the severity of systemic lupus erythematosus.
The placebo-adjusted responses for the low- and high-doses were less than those of the mid-dose for both populations.
The mid-dose level in the study also demonstrated consistent and potentially clinically meaningful improvements for most secondary endpoints in REZPEG-treated patients compared with placebo.
Biomarker data demonstrated that REZPEG led to a dose-dependent proliferation of T regulatory cells, consistent with prior studies.
Eli Lilly And Co LLY has notified Nektar that they do not intend to advance REZPEG to Phase 3 development for SLE.
Nektar and Lilly plan to work together to determine the next steps for the planned Phase 2b study in atopic dermatitis.
Nektar and Lilly collaborated in 2017 to develop and potentially commercialize REZPEG.
Less than a year ago, Bristol Myers Squibb Co BMY ended the program for bempegaldesleukin in combination with Opdivo after failed study.
Price Action: NKTR shares are down 40.20% at $1.77 during the premarket session on the last check Friday.

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Why Nektar Therapeutics Stock Is Plunging Today

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