BMY - Heat Biologics shares surge 17% premarket as Cantor initiates with overweight rating

Cantor Fitzgerald analyst Kristen Kluska has initiated shares of Heat Biologics, Inc. (HTBX) with an overweight rating and $22 price target.Kluska says that the company's proprietary T-cell activation immunotherapy platforms for oncology and infectious diseases has versatility in several solid tumors and indications.She cites recent data from the company's lead program, HS-110 in non small-cell lung cancer, that demonstrated significant improvement in median overall survival when combined with Bristol Myers Squibb's (BMY) Opdivo (nivolumab).Kluska notes that NSCLC is a significant market opportunity with ~200,000 patients each in the U.S. and E.U.She adds that Heat is likely to attract a partner for HS-110 and could receive peak royalties of ~$550M.Kluska also mentioned the T-cell therapy HS-130, which Heat presented preclinical data on in January, as a potential COVID-19 vaccine.Heat shares are up 17.1% to $9.22 in premarket trading.

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Heat Biologics shares surge 17% premarket as Cantor initiates with overweight rating