Immuno-oncology, Market

Ex-Kerrisdale analyst sets out to torpedo Nektar with a blunt short attack on star drug NKTR-214: ‘It doesn’t work’

Nektar Therapeutics’ pegylation strategy on IL-2 promised to resolve one of the thorniest hurdles in cancer R&D, inspiring a record $1.85 billion deal by a group of cancer research specialists at Bristol-Myers Squibb who were intensely excited by NKTR-214 and the prospect of advancing a killer approach to checkpoint combos.

But an analyst who’s played a key role behind some of the most effective short attacks in biotech in recent years has just fired a torpedo at the mother ship, hoping to persuade investors that NKTR-214 — one of the most closely followed cancer drugs now in the clinic — is absolutely worthless.

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