Why Nektar Therapeutics Stock Is Crashing Today

Shares of Nektar Therapeutics (NASDAQ: NKTR) were trading 34.5% lower as of 11:22 a.m. EDT on Friday. The plunge resulted from the biotech's second-quarter update after the market closed on Thursday.

Nektar's financial performance wasn't the issue. However, the company announced in its Q2 conference call that it had discovered manufacturing issues with two batches of experimental drug bempegaldesleukin used in early clinical studies. These issues also appeared to contribute to a delay in finalizing the development program for bempeg and Opdivo with Nektar's partner, Bristol-Myers Squibb (NYSE: BMY).

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Source Fool.com