One of the biotech companies which have been in the news in recent months is that of Heat Biologics Inc (NASDAQ:HTBX) and on Friday, the company’s stock managed to record further gains on the back of the earnings announcement. Its performance in the fiscal second quarter proved to be a cause for optimism for investors as licensing and grant revenues shot up by as much as 100% year on year to hit $0.6 million.
Key Factors to Watch
The company has been in sharp focus in recent months in recent days due to its work on a vaccine for the coronavirus vaccine. When it announced its earnings on Friday, Heat Biologics revealed that it has advanced development plans for the same and it also proved to be a positive trigger for the stock.
The net loss went up by 6.3% year on year to hit $4.5 million, while the loss per share came in at $.05 per share. The loss per share figure rose by 64%. As of August 6, Heat Biologics also reported a cash balance and investments of as much as $100 million. All these announcements proved to be significant positive triggers for the Heat stock and it rose by as much as 6%. Investors could do well to keep an eye on the stock this week. It is highly likely that the stock might be in the radars of investors on the back of the announcements on Friday.
However, the advancement of the development of the coronavirus vaccine is not the only reason behind the optimism about the Heat stock. Recently, the company had announced positive findings from the pre-clinical study of the vaccine and it demonstrated that the product could in fact prove to be a viable candidate when it came to protecting human beings from COVID 19. On the other hand, the company is also looking to advance the development of its T-cell co-stimulatory antibody named PTX 35. Heat Biologics has also announced that it has already enrolled patients and that is another development that investors could consider keeping an eye on over the coming weeks.
On the subject of the COVID 19 vaccine, the Chief Executive Officer of the company Jeff Wolf stated that Heat has already set up a partnership with Waisman Biomanufacturing for manufacturing the vaccine. It has set up the collaboration in light of the fact that it is soon going to have its Phase 1 clinical trial.
Back on August 5, the company had also highlighted the importance of T-cell immunity when it comes to the task of preventing COVID 19 infection. These are all positive developments and it remains to be seen how Heat Biologics advances with its plans over the course of the coming days.
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