Maxim downgraded NightHawk Biosciences to Hold from Buy with no price target after its 2022 year-end update. The analyst notes that the company is winding down its two oncology programs, HS-110 and PTX-35, which were associated with Heat Biologics and Pelican Therapeutics subsidiaries, the immune-based clinical-stage development parts of the NightHawk "ecosystem", also removing the oncology program from the firm’s model. Maxim adds that while the strategic move towards advancing the company’s efforts in biodefense and biomanufacturing via the Elusys and Scorpion subsidiaries may be positives for the longer term, it is moving to the sidelines pending more clarity on the prospects of revenue generation for Anthim as well as for other biodefense/biomanufacturing efforts.
Published first on TheFly
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