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Nektar shares drop 35% on 'underwhelming' cancer trial data

Nektar Therapeutics Inc. shares dropped 35% in Monday morning trade after the company released early data from a phase 1/2 clinical trial testing the company's NKTR-214 in combination with Bristol-Myers Squibb's cancer drug Opdivo. Bristol-Myers shares declined nearly 1% premarket. The trial, which tested the safety and efficacy of the combination in patients with stage IV metastatic melanoma, renal cell carcinoma and urothelial cancers, had "underwhelming" results, said EvercoreISI analyst Josh Schimmer.