Positive coverage from a financial firm can often lead to considerable gains in stock and that is what seemed to have happened with the Heat Biologics Inc (NASDAQ: HTBX) stock on Tuesday.
Recently it emerged that the firm Cantor Fitzgerald started covering the Heat Biologics stock and rated the Heat Biologics stock as ‘overweight’. On top of that, the firm also set the price target for the stock at $22 a share. On the back of such a development, investors piled onto the stock and it soared by as big as 22% during premarket trading yesterday.
The positivity around the Heat Biologics stock could be related to a development from back in February when the company released positive interim data regarding its cell-based therapy product HS 110. It is also necessary to note that HS 110 is one of the four candidates that the company is currently working on. Considering the latest action in the stock, it might be a good idea for investors to keep an eye on the Heat stock.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.