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Nektar Erases $1.8 Billion of Value on Doubts Over Its Cancer Drug

  • Stock has dropped the most among S&P 500 members this year
  • Earlier data questioned after new details emerged last week
Tessa Therapeutics Pte. Research At Their IMDB-Co-Lab And The NCCS Lab Facilities
Photographer: Nicky Loh/Bloomberg

Investors sentiment on Nektar Therapeutics has soured as a manufacturing snafu raised concern about what had initially been seen as promising clinical data for its experimental cancer drug bempegaldesleukin.

As Wall Street analysts continue to debate the drug’s potential, investors are fleeing fast. The stock fell 8% on Monday, bringing its two-day loss to 36%, or about $1.8 billion of market value. Nektar is now 2019’s worst performer in the S&P 500, after taking the top spot shortly after joining the benchmark last year.