Roth Capital Keeps Heat Biologics (HTBX) at 'Buy' at Q4 Inflection Points Near
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Roth Capital affirms Heat Biologics (Nasdaq: HTBX) at Buy with a price target of $2.75 following Q2 results issued on Monday.
Analyst Joseph Pantgninis noted that the company is moving quickly towards inflection points slated for Q416. The analyst commented:
Heat expects to report top-line data in 4Q16 for its Phase II trial evaluating HS-410 for the treatment of non-muscle invasive bladder cancer (NMIBC) and its Phase Ib trial evaluating HS-110 in combination with an anti-PD-1 checkpoint inhibitor for the treatment of non-small cell lung cancer (NSCLC). Results from a ComPACT platform technology study were published in “Cancer Immunology Research” where they observed that secreting OX40L significantly enhanced tumor rejection in two cancer tumor types compared to OX40 agonist antibody treatment and it enhanced antigen-specific T cell infiltration into tumors that seemed to improve memory T cell responses when compared to OX40 agonist antibody treatment.
In addition, it showed that the ComPACT platform can secrete other co-stimulatory molecules including TL1A, 4-1BBL and ICOSL. HTBX also reported interim data from its Phase Ib trial evaluating HS-110 in combination with nivolumab for the treatment of NSCLC. The findings suggested that the addition of HS-110 to nivolumab does not seem to alter the nivolumab safety profile. Three patients in the study showed a decrease in immune cell PD-1 expression, which is consistent with nivolumab’s mechanism of action, however the two who responded also showed a decrease in immunosuppressor cells, and an increase in activated effector T cells in the peripheral blood. Furthermore, the two responders showed an increase in CD8+ T cells in biopsy samples after treatment with HS-110 + nivolumab. These early data appear to suggest that HS-110 in combination with nivolumab may improve response rates for patients who have historically not responded to checkpoint inhibitors alone.
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