HTBX Stock Price: Heat Biologics Inc. falls alongside markets to end week 20% down

  • NASDAQ:HTBX drops 5.24% following Wall Street downgrade.
  • Recreational investors leaving stock in droves as patience wears thin.

NASDAQ:HTBX has been hit hard on Friday, as the stock has fallen by 5.24% to end the trading session at $2.17 per share. The closing price for the stock represented a 20% loss from the start of the week, as a steep downgrade from Wall Street analysts – despite promising preclinical results from their COVID-19 vaccine – left investors scratching their heads and wondering about the long term viability of the company. 

Throughout the COVID-19 pandemic, investors have clung to hope that the North Carolina based Biotech firm would hold the key to a financial windfall. But as time went on, larger companies started to move ahead of Heat Biologics in the race the government has dubbed Operation Warp Speed. In the UK, AstraZeneca (LON:AZN) has joined forces with the University of Oxford and both are already moving into Phase Three of their trials in September. Indiana-based Eli Lilly (NYSE:LLY) is also already in the final phase of its antibody trials on adults with COVID-19. Both companies are well ahead of Heat Biologics, and the micro-cap firm seems to be falling more behind by the day.

Wall Street analysts are taking note as well, as an estimated 53% decline in yearly revenues, leaves Heat Biologics on the outside looking in as far as companies who could benefit from the COVID-19 vaccine. Investors banking on further government subsidies may be better off looking at companies who are further ahead in their research like Eli Lilly, or even Moderna (NASDAQ:MRNA). 

HTBX Stock Forecast

Heat Biologics’ stock price nearly fell below $2.00 per share on Friday, which seems to be a psychological barrier that investors are unwilling to accept. The stock had already dipped below that level once earlier this week but quickly returned back over that threshold. Unless there is any good news in the near future from the company, the stock may continue to fall. It will be interesting to see how accurate the analysts were as we approach the quarterly earnings report in mid-August.

Posted in FX