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.

Agenus Inc (NASDAQ:AGEN)

Agenus Inc (NASDAQ:AGEN) Tanks As AstraZeneca plc. (ADR)(NYSE:AZN) Posts Disappointing Trial Results

Agenus Inc (NASDAQ:AGEN)

Agenus Inc (NASDAQ:AGEN) tumbled 14.83% in Thursday’s trading session to end the day at $4.48 a share. The plunge came after AstraZeneca plc. (ADR)(NYSE:AZN) reported disappointing trial results of its immuno-oncology drug. Bristol-Myers Squibb Co (NYSE:BMY) shares also dropped on the news.

Agenus Inc (NASDAQ:AGEN)
One month daily candlebar graph for $AGEN

Checkpoint Inhibitor Disappointment

AstraZeneca’s Mystic trial missed its primary endpoints and raised concerns about the progress of similar projects under development by Agenus and Bristol Myers. The three companies are in the process of exploring ways to make the body’s checkpoint inhibitors activate.

Combining checkpoint inhibitors with other anti-cancer agents was seen as one method to trigger the inhibitors. However, the outcome of AstraZeneca trial means the companies may have to explore other avenues if they are to produce progress in triggering immune response against various cancers.

The drop of Agenus Inc (NASDAQ:AGEN) shares came on the heels of investor skepticism about its own trials succeeding in the wake of AstraZeneca’s disappointment.

Agenus Checkpoint Inhibitor Portfolio

Agenus Inc (NASDAQ:AGEN) is a clinical stage immuno-oncology company. The company specializes in the development of therapies to improve the patient’s own immune systems in order to combat cancer. The company has a pipeline of immune checkpoint antibodies and cancer vaccines.

Agenus’ portfolio is made up of anti-cancer targets such as PD-1 that is in Phase 1 trial for solid tumors in addition to CTLA-4, OX40, and GITR. The company has recently reiterated plans to bring anti-cancer agents to market by 2020 for undisclosed indications. Taking AstraZeneca’s Mystic trial outcome into consideration, the company might be challenged to meet its timeline.

However, the outcome of the AstraZeneca NSCLC trial has not sealed Agenus’ fate as it continues to pursue opportunities in the checkpoint inhibitor market. The company has already signed deals with the likes of Incyte Corporation (NASDAQ:INCY) and Merck.

Initial estimates indicate that the two deals could produce in the upward of $610 million in milestone payments. The fact that Incyte has become Agenus largest shareholder also provides a layer of protection as the company moves to take on Merck in the checkpoint inhibitor game.

Separately, Agenus Inc (NASDAQ:AGEN) will release its second quarter earnings before the market opens on August 3, 2017.

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: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.