Courtesy of Benzinga.
Nektar Therapeutics (NASDAQ: NKTR) shares are trading higher by $5.00 (33 percent) at $20.50 in Monday’s session. The catalyst for the rally is that its study for NKTR-181 has met its primary and secondary endpoints in Phase 3 Summit-07 study for chronic pain.
After a $3.00 higher opening print of $18.78, Nektar’s stock had only a $0.26 pullback to $18.51 before continuing its move higher. The follow-though on the rally has taken it in the $20.00 handle for the first time since June 2006, when it peaked at $21.22. Although it did challenge the $20.00 area as early as last September, when its rally from the $10.00 area stalled at $19.98.
Today’s price action is taking place on much higher than average volume. With over five hours remaining in the session, 5.4 million shares have already traded compared with its 20-day average of 1.76 million.