The S&P 500’s top gainers on June 14 were:
Nektar Therapeutics, which is an American biopharmaceutical company, was the S&P 500’s top performer on June 14. After declining last week, Nektar Therapeutics started this week at the lowest levels traded since December 2017 and consolidated for the first three days of the week at lower levels. However, Nektar Therapeutics started Thursday on a stronger note and rose to one-week high price levels.
Nektar Therapeutics fell last week amid the release of disappointing drug trial results. The preliminary data for the combination drug NKTR-214 and Bristol-Myers Squibb’s Opdivo to treat tumors didn’t meet investors’ expectations and weighed on the stock prices. However, the sentiment started to improve after the announcement that the Phase three registration trial of the drug NKTR-214 in combination with Bristol-Myers Squibb’s Opdivo will be done as early as the third quarter. Although the announcement didn’t trigger a sustainable rally in Nektar Therapeutics, it kept the prices from falling more and helped the stock consolidate at lower levels this week.
Increased buying pressure
The buying pressure in Nektar Therapeutics increased on Thursday. Nektar Therapeutics presented new clinical and preclinical data for NKTR-181 at the College on Problems of Drug Dependence’s 80th Annual Scientific Meeting in San Diego. NKTR-181 is designed to treat chronic lower back pain in adult patients. The drug doesn’t have side effects like euphoria, which could lead to addiction and abuse. At the end of May, Nektar Therapeutics, as a part of a plan to commercialize NKTR- 181, submitted the new drug application to the FDA.
On June 14, Nektar Therapeutics gained 5.5% and closed the day at $56.41.
Next, we’ll discuss how Royal Caribbean Cruises and Comcast Corp A performed on June 14.