Netflix No Longer Top Gun in S&P 500 This Year, Nudged by Nektar

(Bloomberg) -- Netflix has been dethroned by Nektar Therapeutics as the best-performing stock in the S&P 500 this year.

Monday’s addition of the high-flying biotech company to the benchmark index bumped Netflix into second place in terms of year-to-date performance. Nektar’s shares have gained 74 percent so far this year amid speculation of a potential deal, while Netflix has climbed 62 percent.

Some analysts have warned that investors may be getting ahead of themselves when it comes to Nektar’s experimental cancer therapy as clinical studies have yet to confirm the promising preliminary results. The San Francisco-based company is due to post updates at the American Society of Clinical Oncology meeting in June.

To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net.

To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Scott Schnipper

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