Heat Biologics Inc (NASDAQ: HTBX)
While the trading session hasn’t quite opened for the day yet, Heat Biologics is having an incredible time in the pre-market hours. After announcing Phase 1 clinical data, the stock shot upward dramatically. Below, we’ll talk about the trial data, what we’re seeing from HTBX as a result, and what we’ll be watching for ahead.
HTBX Announces Positive Phase 1 Clinical Data
As mentioned above Heat Biologics is having an incredibly strong time in the pre-market trading hours today, and for good reason. Early this morning, the company released data with regard to its Phase 1b clinical trial. The trial was designed to evaluate HS-110 in combination with nivolumab, also known as the brand name Opdivo(R). The combination is being studied as a treatment for non-small cell lung cancer.
In the announcement, HTBX announced that the Phase 1b study met its primary endpoint and there did not appear to be additional toxicities seen in the HS-110/nivolumab combination when compared to nivolumab alone. On top of that, about a third of patients saw a 20% or greater tumor reduction. In a statement, Daniel Morgensztern, M.D., Associate Professor of Medicine and Director of Thoracic Oncology at the Washington University School of Medicine had the following to offer…
“We are encouraged by the results from this Phase 1b trial evaluating the therapeutic vaccine, HS-110, combined with the checkpoint inhibitor, nivolumab, in patients with advanced non-small cell lung cancer… We continue to see that the combination appears to be generally well-tolerated, and the encouraging signs of efficacy warrant a larger sample size. We’ve seen some patients with increased tumor infiltrating lymphocytes (TIL) after treatment, and anticipate that we can confirm this trend in the Phase 2.”
How The Stock Reacted To The News
As is normally the case, when positive news is released, stocks tend to climb. Considering the news above, there’s no surprise that this stock was the center of an early morning Trade Ideas alert. Ultimately, the stock is skyrocketing. At the moment (8:54), HTBX is trading at $1.28 per share after a gain of 42.22% thus far today.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on HTBX. In particular, we’ll be watching the company’s ongoing work with regard to HS-110. With today’s positive news in hand, the company will soon be pushing for Phase 2 clinical trials. Nonetheless, we’ll continue to watch the news and bring it to you as it breaks!
Update (9:37): HTBX opens the day on a strong note. While the stock has fallen off of highs since the opening bell, the gains are still incredibly strong. Currently the stock is trading at $1.16 per share after a gain of $0.26 per share or 28.97% thus far today.
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[Image Courtesy of Wikimedia]