Stock News Staff

Aptevo Therapeutics Inc (NASDAQ:APVO)

Nothing but Love for Aptevo Therapeutics Inc (NASDAQ:APVO)

Aptevo Therapeutics Inc (NASDAQ:APVO)

Aptevo Therapeutics Inc (NASDAQ:APVO) shares are up 3%, to $3.17, on moderate volume after the biotechnology company released its Q3 2017 earnings report. The net income was $37.9 million or $1.77 per share, compared to a net loss of $71.7 million or (-$3.55) per share for the same period last year. According to Zacks Investment Research, analysts at Piper Jaffray were expecting an EPS of $2.25. They also have a “Strong Buy” rating on APVO shares.

Aptevo Therapeutics Inc (NASDAQ:APVO)

Aptevo Therapeutics Inc (NASDAQ:APVO) is a clinical-stage biotechnology company focused on novel oncology and hematology therapeutics. Aptevo has a commercial product, IXINITY® coagulation factor IX (recombinant), an FDA-approved treatment for Hemophilia B.  Aptevo has two ADAPTIR antibody candidates currently in clinical development and a broad pipeline of novel investigational-stage bispecific antibody candidates focused in immuno-oncology and autoimmune disease and inflammation.

Marvin L. White, President and Chief Executive Officer of Aptevo Therapeutics Inc (NASDAQ:APVO) stated “The third quarter was a transformative period for Aptevo. During this time we delivered on two key objectives – continuing to ensure that Aptevo is solidly financed to execute on our commercial and R&D strategy, and expanding our innovative portfolio of bispecific antibody candidates where we see the highest potential for long-term shareholder value creation.”

Two noteworthy statements accompanied the Aptevo Therapeutics Inc (NASDAQ:APVO) earnings release. The first was that the company monetized non-core commercial assets and completed the sale of Aptevo’s three hyperimmune products, (WinRho® SDF, HepaGam B®, and VARIZIG®) to Saol Therapeutics for total consideration of up to $74.5 million, raising significant non-dilutive funding to support Aptevo’s ongoing commercial and R&D efforts. The second was that as a result of the sale of Aptevo’s three hyperimmune products (WinRho SDF, HepaGam B, and VARIZIG) to Saol Therapeutics, completed on September 28, 2017, Aptevo’s hyperimmune business has been excluded from its continuing operations.

APVO Stock Performance

Aptevo Therapeutics Inc (NASDAQ:APVO) earnings has been disappointing. In 2012, there was an EPS loss of (-$2.21) that, with one minor exception, expanded year-on-year until 2016 when the biotech company reported a per share loss of (-$5.55).

However, investors have not been deterred from pursuing the shares. Year-to-date, APVO shares are up 25%, and for the year the shares are up over 50%. The consensus, one-year price target for APVO share is $6.00.

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: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

Dextera Surgical Inc (NASDAQ:DXTR)

Dextera Surgical Inc (NASDAQ:DXTR) Announces Earnings

Dextera Surgical Inc (NASDAQ:DXTR)

Dextera Surgical Inc (NASDAQ:DXTR) stock was trading down 24%, at $0.16, in after-hours trading on heavy volume after the medical instruments company posted Q1 2018 earnings that missed expectations. Buyers began stepping in at those levels and DXTR stock is trading up at $0.21 at the time of this writing – 5:44 PM EST.

The total net loss attributable to common stockholders for the Q1 2018 was $3.6 million, or $0.09 per share. Wall St. analysts had forecast a per share loss of (-$0.07). The net loss for Q1 2018 before the deemed preferred stock dividend was approximately $3.5 million. Additionally, net loss applicable to common stockholders included a deemed (non-cash) preferred stock dividend of $0.1 million, representing the value of beneficial conversion rights embedded in the preferred shares issued in the company’s recently completed convertible preferred stock public offering.

Dextera Surgical Inc (NASDAQ:DXTR) designs and manufactures proprietary stapling devices for minimally invasive surgical procedures. In the U.S., surgical staplers are routinely used in more than one million minimally invasive laparoscopic, video-assisted, or robotic-assisted surgical procedures annually. Dextera Surgical also markets the only automated anastomosis devices for coronary artery bypass graft (CABG) surgery on the market today: The C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis System.

DXTR Stock

Despite the multi-year downtrend and the recent EPS losses, two analysts rate DXTR stock as a “Strong Buy” while one rates DXTR stock as a “Hold”. DXTR shareholders have had a rough 2017 so far. Year-to-date, DXTR shares are down over 80% and for the year shares are down over 88%.

EPS for DXTR stock has been negative since 2012 but improved each year until 2016, then a loss of (-$2.33) was posted for 2017. Sales have been rather consistent. In 2013 sales were posted at $3.5 million and that number did not substantially change over the next four years.

Interested investors should take note that the company has a listed book value  per share that is negative (-0.47).

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: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

 

Kona Grill Inc (NASDAQ:KONA) Tanks After Hours on Earnings Announcement

Kona Grill Inc (NASDAQ:KONA)

Shares of Kona Grill Inc (NASDAQ:KONA) dropped 24%, or (-$0.65), in the after-market following the company’s Q32017 earnings release. The company reported a sales increase of 2.4% to $44.4 million. However, same-store sales decreased 7.2% – including an estimated 1.1% impact from closures due to Hurricanes Harvey, Irma, and Maria. Those weather-related events impacted 30% of the company’s restaurant base. Net loss of (-$3.3 million), or ($0.33) per share, which included an estimated ($0.02) per share impact from the hurricanes, compared to net loss of $2.6 million, or ($0.24) per share for the same period in 2016.

Kona Grill Inc (NASDAQ:KONA)

Berke Bakay, President and CEO of Kona Grill Inc (NASDAQ:KONA) stated “We remain resilient in spite of the challenges that we encountered during this quarter, including one-third of our restaurants being impacted by closures from the three major hurricanes that hit during August and September which we estimate resulted in approximately $500,000 of lost sales. Our restaurant in San Juan recently reopened with scaled back hours and a limited menu after the devastation caused by Hurricane Maria. We are fortunate that minimal physical damage was sustained at our restaurants.”

Also included in the earnings release was a note that the company’s Mexican franchise partner opened the first franchised Kona Grill restaurant in Monterrey, Mexico in August. The company’s franchise partner in the United Arab Emirates is scheduled to open in Dubai later this month while the first Kona Grill in Toronto, Canada is scheduled to be opened in December 2017. The Company continues to engage in discussions with additional franchise partners.

KONA Stock Performance

Kona Grill Inc (NASDAQ:KONA) sales have increased annually. In 2012, the company posted revenues of ($96 million. By 2016 Kona sales were $169.5 million. Unfortunately, the sales increase has not been translated to the company’s earnings. In 2012 the EPS was $0.60, and four years later, in 2016, the figure was a loss of (-$2.00).

That has led investors to abandon KONA shares. Year-to-date, the stock is down 80%. For the month, shares are down 30%. While the consensus, one-year price target is $4.50, shares are just $0.55 away from their 52-week low of $1.50 and $12 away from their 52-week high of $13.50.

Seven firms follow Kona Grill Inc (NASDAQ:KONA). Five rate KONA stock as a “Strong Buy”, one rates the shares as a “Buy” and one rates them as a “Hold”.

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.

Don’t miss out! Stay informed on $CREG and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

Cumulus Media Inc (NASDAQ:CMLS) Beats Analyst Expectations

Cumulus Media Inc (NASDAQ:CMLS)

Cumulus Media Inc (NASDAQ:CMLS) reported q3 2017 net income of $1.3 million, or $0.04 per share. Earnings, adjusted for debt, came in at $0.06 on revenues of $287.2 million. Those numbers beat Wall St. forecasts that expected the company to post an EPS loss of (-$0.27). Accordingly, CMLS stock gained 12% in today’s session on a volume of 5.6 million – eight times the posted daily average.

Cumulus Media Inc (NASDAQ:CMLS)

Mary Berner, President and Chief Executive Officer of Cumulus Media Inc (NASDAQ:CMLS) said, “As we noted when we announced our preliminary results in October, our strong third quarter performance plainly demonstrates that our operational turnaround plan is working. The entire Cumulus team has shown great commitment to maintaining our momentum. By executing our foundational operating initiatives and continuing to develop growth opportunities, we are confident that we can build on our success despite the challenging industry environment.”

Cumulus Operations

Cumulus Media Inc (NASDAQ:CMLS), headquartered in Atlanta, GA, owns and operates radio stations in the United States. The company operates under two brands, Radio Station Group and Westwood One. Revenues are generated through the sale of commercial advertising time to local, regional, and national advertisers as well as network advertising. Cumulus creates and broadcasts content through approximately 445 owned-and-operated stations in 90 United States media market. The company also has approximately 8,200 broadcast radio affiliates and various digital channels.

The Company operates in two reportable segments, the Radio Station Group and Westwood One. The Radio Station Group revenue is derived primarily from the sale of broadcasting time to local, regional and national advertisers. Westwood One  revenue is generated primarily through network advertising.

CMLS Stock

Cumulus Media Inc (NASDAQ:CMLS) shares have been under pressure this year having lost over 68% of their value. In 2014 the company posted sales of $1.26 Billion, followed by $1.17 Billion for 2015, and in 2016 the company posted $1.14 Billion in sales.

Shareholder losses have been substantial as well. In 2015 the per share loss was (-$18.37). That loss marginally improved in 2016 when the company lost (-$17.45) per share. The lone firm that covers CMLS shares rates them as a “Hold”.

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.

Don’t miss out! Stay informed on $CMLS and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

China Recycling Energy Corp. (NASDAQ:CREG)

Trump Effect for China Recycling Energy Corp. (NASDAQ:CREG)?

China Recycling Energy Corp. (NASDAQ:CREG)

Is there a “Trump” effect at play with China Recycling Energy Corp. (NASDAQ:CREG)? Over 23 million shares have traded on a stock that has a daily average of under 22,000! CREG stock began the day at $1.27, yesterday’s close, then a steady ascent began until a high of $6.74 was established. What accounts for the massive volume and price increase? There is no news publicly available that could account for a volume increase of 1,391% or a share price increase of 350% – except, possibly, that the President of the United States did something today that could increase revenues for the Chinese company?

Prior to today’s price action, China Recycling Energy Corp. (NASDAQ:CREG) had a market capitalization of just $11.2 million. The company is in the recycling energy business in China. It designs, finances, constructs, operates, and transfers waste energy recycling projects to mid- to large-size enterprises involved in high energy-consuming businesses. It also provides waste gas-to-energy solutions comprising the waste gas power generation system that utilizes flammable waste.

CREG Stock Performance

CREG shares traded, adjusting for dilution, above $60 in early 2014. While the shares have had some large daily losses, today counts as the largest daily gain in years. Before today, CREG shares were down 15% year-to-date, and down 11% for the year. This month had offered a bit of a reprieve to the downtrend as CREG shares were up over 20% for that time.

EPS has been trending down for the past four years. In 2013, per share profits were $2.90, but by 2016 the company posted a per share profit of just $0.22. Of note is the listed cash position for the company – posted at $6.60 per share. Even considering today’s gains, the shares are still trading at a significant discount to the listed cash holdings.

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.

Don’t miss out! Stay informed on $CREG and receive breaking news on other hot stocks by signing up for our free newsletter!

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.

Vuzix Corporation (NASDAQ:VUZI) Making Strong Rebound off Lows

Vuzix Corporation (NASDAQ:VUZI)

Shares of Vuzix Corporation (NASDAQ:VUZI) are higher for the third day in a row, four days before the Augmented Reality (AR) provider releases their Q3 financial earnings report. Volume is heavy – over three times the listed average. Today’s 6.5% move higher lends some relief to stock that has been sliding in value for over a year.

Vuzix Corporation (NASDAQ:VUZI)

Vuzix Corporation (NASDAQ:VUZI) supplies Smart-Glasses and Augmented Reality (AR) technologies for the consumer and enterprise markets. Vuzix’s products include personal display and wearable computing devices for virtual and augmented reality. Vuzix holds 59 patents and 42 additional patents pending and numerous IP licenses. The company has won Consumer Electronics Show awards for innovation for the years 2005 to 2017.

Intellectual Property

This week Vuzix Corporation (NASDAQ:VUZI) announced that their patent portfolio had increased 53% over the last year. The number of patents, and pending patents, has increased from 66 to 101 from 66. In the area of optics, head mounted displays, and smart glasses, the company now has 59 patents compared to 43 one year ago.

VUZI Stock Performance

Vuzix Corporation (NASDAQ:VUZI) is followed by two investment firm analysts and both give VUZI stock a “Strong Buy” rating. Their one-year, consensus target price is $10.50. This morning, VUZI stock opened at $4.65 which is only $0.15 higher that its 52-week low of $4.50. VUZI had a 52-week high of $8.70 – established almost exactly one year ago.

Over the past year VUZI shares have lost almost 20% of their value. Year-to-date, the shares are down an even larger 27%. But in the last week, the market appears to be viewing the stock with more favor and, as a result, VUZI shares are up almost 7% during that period.

Vuzix Corporation (NASDAQ:VUZI) has seen expanding EPS losses and weaker sale over the past three years. EPS in 2014 was a loss of (-$0.75). That per share loss expanded to (-$1.23) by 2016. Sales were $3 million in 2014, but dropped to $2.1 million by 2016.

In the meantime, the shares have been diluted every year. In 2012 there were 3.54 million shares outstanding. That number stood at 16.91 million by the end of 2016.

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.

Don’t miss out! Stay informed on $CALL and receive breaking news on other hot stocks by signing up for our free newsletter!

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.

magicJack VocalTec Ltd (NASDAQ:CALL)

VOIP Pioneer magicJack VocalTec Ltd (NASDAQ:CALL) Acquired!

magicJack VocalTec Ltd (NASDAQ:CALL)

The pioneer of Voice over the Internet Protocol (VOIP) magicJack VocalTec Ltd (NASDAQ:CALL) is being acquired by B. Riley Financial, Inc., a diversified financial services company, for $8.71 per share.

magicJack VocalTec Ltd (NASDAQ:CALL)

The deal represents a 23% premium over CALL’s 90-day average price and is worth approximately $143 million. Observers believe that magicJack will be held by B. Riley’s subsidiary B. Riley Principal Investments, LLC – the entity that owns United Online, Inc., a complementary telecommunications company.

Bryant Riley, Chairman and CEO of B. Riley, said, “Investments such as this one are the key reason we formed our Principal Investments group. We believe that magicJack is representative of the type of proprietary investment with attractive return characteristics that are often overlooked by others, but where we are uniquely qualified to leverage our balance sheet and comprehensive platform in order to maximize the investment potential. Once fully integrated, we expect magicJack to generate a meaningful contribution to B. Riley’s cash flow and, consistent with our policy of returning capital to shareholders, lead to increased dividends for our shareholders in the future.”

MagicJack VocalTec Ltd (NASDAQ:CALL) has sold more than 11 million magicJack devices, now in their fifth generation, has millions of downloads of its calling apps, and holds more than 30 technology patents. magicJack VocalTec Ltd (NASDAQ:CALL) is the largest-reaching CLEC (Competitive Local Exchange Carrier) in the United States in terms of area codes available and number of states in which it is certified.

CALL Stock Performance

CALL shareholders can breathe a sigh of relief. Sales had been declining for years before this merger. In 2012, sales were at $158.4 million but steadily declined and in 2016 were posted at only $97.4 million. Despite a contraction in the number of outstanding shares, earnings suffered as well. In 2013 a shareholder’s EPS was $3.81. That number shrank year after year, and in 2016 was $$0.36.

Accordingly, CALL stock was trading at 52-week lows (just above $5.50) when the deal was announced. The deal’s price of $8.71 revisits prices last seen six months ago – before the shares began a steady slide.

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.

Don’t miss out! Stay informed on $CALL and receive breaking news on other hot stocks by signing up for our free newsletter!

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.

RadiSys Corporation (NASDAQ:RSYS)

RadiSys Corporation (NASDAQ:RSYS) Implodes As Loss Spooks Investors

RadiSys Corporation (NASDAQ:RSYS)

Shares of RadiSys Corporation (NASDAQ:RSYS) fell to a new 52-week low after the global leader in Open telecom solutions reported disappointing third quarter financial results. The stock fell 32.03% in Wednesday’s trading session to end the day at $0.87 a share.

RadiSys Corporation (NASDAQ:RSYS)

Radisys Q3 Financial Results

Investors pushed the stock lower on the company reporting a net loss of (-$15.4) million or (-$0.39) a share, more than double a net loss of (-$7.6) million reported last year. Gross margin in the quarter shrunk to 10.8% compared to 29.4% in the third quarter of 2016.

Concerned with the spiraling net loss, RadiSys Corporation (NASDAQ:RSYS) has implemented a revised go-to-market strategy that will allow it to refine its cost structure. Plans are also underway to advance the current funnel of prospective and existing customer opportunities.

RadiSys Corporation (NASDAQ:RSYS) has generated revenues of $11.3 million up from $10.4 million reported last year. However, it was a decline from $11.4 million reported in the second quarter. The company attributes the decline to timing of professional services programs whose impact will be felt in the fourth quarter

“Importantly, we made tangible progress in the third quarter towards converting proof-of-concepts into commercial wins as evidenced by the two new Media Engine VoLTE wins as well as our first commercial award for deployment of our new Flow Engine appliance, the TDE-200,” said Brian Bronson, Radisys President, and Chief Executive Officer.

For the fourth quarter, the company expects revenues of between $29 million and $33 million, helped by certain MediaEngine orders. Radisys also expects a net loss of between (-$0.19) and (-$0.13) a share.

RadiSys-Mavenir Partnership

Separately, RadiSys Corporation (NASDAQ:RSYS) and Mavenir have joined forces to enable Communications services providers commercially deploy Mobile Central Office Re-architected as a Datacenter (M-CORD). The open reference solution is designed to provide capabilities for unlocking innovation across open networking ecosystem with cloud economies.

Under the partnership, RadiSys Corporation (NASDAQ:RSYS) is to integrate Maveni’r’s carried grade vEPC into its M-CORD Distribution. The integration should accelerate CSPs path to network integration.

“We’re pleased to partner with Mavenir to advance CSPs’ ability to break vendor lock-in, accelerate service innovation and lower CapEx and OpEx through commercial deployment of the M-CORD architecture,” said Neeraj Patel, vice president and general manager, MobilityEngine, Radisys.

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.

Don’t miss out! Stay informed on $RSYS and receive breaking news on other hot stocks by signing up for our free newsletter!

SenesTech Inc. (NASDAQ:SNES)

SenesTech Inc. (NASDAQ:SNES) Signs Contrapest Distributions Agreements

SenesTech Inc. (NASDAQ:SNES)

Shares of SenesTech Inc. (NASDAQ:SNES) gained 12.1% after the developer of proprietary technologies for managing rodent populations, announced a distribution agreement with Univar, for ContraPest. In addition to the national distribution agreement, Univar has agreed to sell the product in its network.

SenesTech Inc. (NASDAQ:SNES)

ContraPest Distribution Agreements

Univar is an excellent distribution partner for SenesTech given that it’s extensive breadth and depth coverage in the retail market. The company boasts of direct connection with pest control operators across the U.S., perfect for nationwide coverage.

In addition, SenesTech Inc. (NASDAQ:SNES) has signed a similar distribution agreement with Target Specialty Products for ContraPest. The distributor will also market the patent-protected technology throughout its network.

“Target Specialty Products is an excellent sales and distribution partner for SenesTech, with their direct connection with the pest control operators, with their extensive breadth and depth of coverage throughout the U.S. They will provide us with a more extensive nationwide sales coverage in the pest management sector,” said Dr. Loretta P. Mayer, Chair, and CEO.

SNES Stock Rating

The two distribution agreements appear to have strengthened investors’ confidence in the stock. However, the stock continues to trade in a downtrend after losing more than two-thirds of its market value since the start of the year.

Despite the underperformance, Roth Capital analyst Gerry Sweeney remains optimistic about the company’s long-term prospects. The analyst has initiated coverage of the stock with a ‘Buy’ rating. The analyst also has a price target of $14 a share which implies an upside potential of 413%.

Separately, SenesTech Inc. (NASDAQ:SNES) has announced plans to offer common stock and warrants for the purchase of common stock in a registered public offering. The company intends to use net proceeds from the offering for working capital and general corporate purposes. Part of the funds is to be used for the commercialization of ContraPest.

Q3 Financial results

SenesTech Inc. (NASDAQ:SNES) generated revenue of $17,000 in the third quarter. The company has also signed long-term sales commitments that have the potential to generate over $200,000 with an additional $250,000 of proposals. SenesTech also has pilot programs with total annual sales opportunities of approximately $2.4 million.

Net loss in the third quarter totaled (-$2.9) million or (-$0.28) a share, compared to a net loss of (-$2.7) million or (-$0.37) a share reported last year. SenesTech Inc. (NASDAQ:SNES) exited the quarter with $3.6 million in cash and cash equivalent.

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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Agenus Inc. (NASDAQ:AGEN) Unchanged As Q3 Earnings Meet Estimates

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.

Agenus Inc. (NASDAQ:AGEN)

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.

Net Loss

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.

Pipeline Development

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.

Don’t miss out! Stay informed on $AGEN and receive breaking news on other hot stocks by signing up for our free newsletter!

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.