I am not impressed with the data that NKTR announced for the PIVOT trial at the SITC. The overall response rate was 53% with a median time to response of just over 2 months. This suggests to me that we are not going to see a much higher response rate with the new cohorts. They have had enough time to respond to treatment.
In comparison, the data at the SITC last year that created the buzz in the first place, the median time to response was 1.7 months. So I am sure the treatment has had time to show about as effective as it will get. There are bright spots, such as higher complete response rate, and higher response rates for PD-L1 positive patients, but I’d rather not take part in a stock with such questionable statistics at this point.
I am betting a lot of this has already been baked into the price. The stock fell 10% when the abstracts indicated the ORR was 50% in July so I’m sure expectations were not very high going into this. While there are still other opportunities with NKTR I’m inclined to sell on Monday as I do not wish to own stock in biotechs as I try to avoid the sector in general I just saw a stock getting hammered with what I saw as an obvious short attack and took a chance.