Heat Biologics, Inc. (NASDAQ: HTBX), a clinical-stage biopharmaceutical company focused on the development of immune system modulation therapies. On Tuesday saw the price of its stock rising in the after-hour trades. The stock surged by 28.34% trading 888,630 shares during the extended session on a positive recommendation initiation by an analyst.
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What happened?
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In addition to attacking cancer, the gp96 platform of Morrisville, North Carolina-based company is also designed to activate an immune response against infectious diseases. HS-110 and COVID-19 vaccines are among the multiple product candidates in development leveraging the gp96 platform, including those enrolled in the Phase 2 trials and being developed by the company. Furthermore, Heat is also working on a pipeline of immune modulators such as antibodies and cell-based treatments, such as its PTX-35 and HS-130, which are currently in Phase 1 clinical trials.
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Yesterday, financial services firm Cantor Fitzgerald initiated its coverage of the HTBX stock. The analyst’s firm assigned an “Overweight” recommendation to the stock setting a target price of $22 for it. The news of the cover surface after closing of the market, causing the stock price to surge in after-hour trades which has suffered -3.91% in regular trading.
A Phase 2 study conducted with the use of HS-110 in combination with Bristol-Myers Squibb’s (BMS) OPDIVO (nivolumab) in advanced non-small-cell lung cancer (NSCLC) was recently reported positive interim data by Heat Biologics.
Allogeneic HS-110 cell-based therapy is an off-the-shelf approach for increasing immune responses to cancer cells. HS-110 targets multiple cancer-testis antigens to elicit a diverse and robust immune response against tumor cells.