Why Nektar Therapeutics Stock Is Imploding Today

Shares of Nektar Therapeutics (NASDAQ: NKTR), a biopharmaceutical company developing new cancer drugs, are getting crushed today after the company reported a disappointing clinical trial failure. The stock was down 56% as of 11:28 a.m. ET on Monday.

Nektar has several commercial-stage drugs, but the revenue they generate isn't nearly enough to allow this company to make ends meet. The biotech lost a stunning $446 million in 2021.

A clinical trial failure for its lead candidate, bempegaldesleukin (or bempeg), was a big disappointment today because it's the only new drug candidate the company has in late-stage clinical trials. In 2018, Bristol Myers Squibb (NYSE: BMY) paid dearly to partner with Nektar because bempegaldesleukin appeared to improve the efficacy of Bristol's lead cancer therapy, Opdivo. 

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Source Fool.com