Roth Capital Sees Over 100% Upside for Heat Biologics Inc (HTBX) as the Stock Continues to Struggle

Heat Biologics Inc (NASDAQ:HTBX) shares fell over 65% this month, after the firm’s Phase II data read-out from its HS-410 bladder cancer trial failed to impress by coming up short in terms of reaching statistical significance difference at the primary endpoint when juxtaposed against the placebo arm. As such, the company stated that it will turn the focus of the ImPACT programs to include combination therapies including checkpoint inhibitors and costimulatory molecules.

Roth Capital analyst Joseph Pantginis noted, “The shift to combination focus is an important action taken by the company, in our belief. Multiple events need to take place in order to mount an effective anti-tumor immune response including 1) generate an adaptive immune response against the antigen of interest (such as tumor specific peptides), 2) infiltrate the tumor with lymphocytes (TILs), 3) create a T cell memory compartment specific for the tumor, and 4) prevent T cell exhaustion and inactivation. Data suggests that HS-110 and HS-410 are capable of doing steps one and two. We believe that step four can be accomplished by adding a checkpoint inhibitor and/or a costimulatory agent.”

Pantginis reiterated a Buy rating on shares of Heat Biologics, with a price target of $2.00, which implies an upside of 108% from current levels.

As usual, we recommend taking analyst notes with a grain of salt. According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a yearly average return of -14.5% and a 32.5% success rate. Pantginis has a 8.7% average return when recommending HTBX, and is ranked #4195 out of 4274 analysts.

All the 3 analysts polled by TipRanks rate Heat Biologics Inc stock a Buy. With a return potential of 730%, the stock’s consensus target price stands at $8.00. HTBX is currently trading at $0.98, down $0.050 or -4.86%.

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