Agenus Inc. (NASDAQ:AGEN)
Shares of Agenus Inc. (NASDAQ:AGEN) traded higher, days after the company reported third quarter financial results that met consensus estimates. The stock was up by 0.29% in Thursday’s trading session to end the day at $3.51 a share.
AGEN Stock Performance
The stock is currently trading in a downtrend after struggling to close above $4.80. For the full year, the stock is down by more than 10%. Agenus Inc. (NASDAQ:AGEN) faces immediate support at $3.40, below which it could drop to a 52-week low of $3.20 a share.
Investor confidence has taken a hit in recent months. It now awaits to be seen if the third quarter financial results will help reinvigorate investor sentiments going forward. For the three months ended September 30, 2017, the immuno-oncology company reported a net loss of (-$36.8) million or (-$0.37) a share, compared to a net loss of (-$40.8) million reported last year.
For the first nine months of the year, Agenus Inc. (NASDAQ:AGEN) reported a net loss of (-$85.7) million compared to a net loss of (-$100.9) million or (-$1.16) a share reported last year. The decrease in net loss was due to the accelerated milestone payment received from Incyte.
Agenus used a total of $26.2 million in operating activities in the quarter, up from $23.8 million used for the corresponding period last year. Cash and cash equivalent as of the end of the quarter totaled $70.1 million compared to $76.4 million as of December, 31, 2016.
The developer of immune checkpoint antibodies and cancer vaccines also achieved significant milestones on the development of its pipeline of drugs.
“We are committed to continuing to innovate having generated several first-in-class and best-in-class immuno-oncology agents; our partnering discussions are maturing on multiple fronts and we expect to close on several business development transactions across our portfolio between now and the end of the first quarter of 2018,” said CEO, Garo Armen.
Agenus Inc. (NASDAQ:AGEN) plans to complete a Phase 1 dose-escalation and generate safety and pharmacodynamics data of AGEN1884 in the fourth quarter. It also plans to commence combination trials of AGEN 1884 and AGEN2034 before the end of the year.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.