Durham-based Heat Biologics (NASDAQ:HTBX) stock price dropped to $7.23 in morning trading Tuesday after a brief rise Monday when the U.S. Food and Drug Administration fast-tracked its lead drug candidate.
Although it traded at $10.90 a share during early morning trading Monday, a more than 30 percent rise, it see-sawed. By mid-afternoon it fell to $8.18, below its opening price of $8.99, but up more than 11 percent from its previous close.
After opening at $8.99 Monday, the firm’s stock price jumped to a 52-week high of $10.90 before losing ground. It closed at $8.30 Monday. Volume was light both days, with less than 50,000 shares changing hands.
Fast-tracking lets a company take a quicker path through development. The FDA fast-tracked Heat’s HS-410 drug, aimed at improving treatment of non-muscle invasive bladder cancer. The fifth most common cancer in the U.S., bladder cancer saw about 75,000 new cases in 2014 resulting in 16,000 deaths.
The Heat drug is intended to help diminish the high rate of recurrence of bladder cancer. Used along with standard treatments, the Heat drug stimulates the immune system with the goal of eliminating cancer cells that remain and preventing recurrence.
Phase II trials results are expected in 2016.
The NC Biotech Center posted this in depth look at Heat: http://www.ncbiotech.org/article/fda-warms-heat-bio%E2%80%99s-prostate-cancer-immunotherapy/65166
