Why Nektar Therapeutics Stock Is Sinking Today

Shares of Nektar Therapeutics (NASDAQ: NKTR) had sunk 15.1% lower as of 11:06 a.m. EST on Wednesday. The decline came after two U.S. Food and Drug Administration (FDA) advisory committees voted unanimously to not recommend approval for Nektar's experimental pain drug oxycodegol (formerly known as NKTR-181).

Although the FDA doesn't have to go along with the recommendation of its advisory committees, its approval decisions usually do mirror the committees' recommendations. In this case the agency won't have to make a decision at all. Nektar stated that it was withdrawing its regulatory filing for oxycodegol and won't invest further in the program.

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Source Fool.com