Zacks Investment Research upgraded shares of Agenus Inc. (NASDAQ:AGEN) from a hold rating to a buy rating in a research report sent to investors on Wednesday, October 25th. Zacks Investment Research currently has $4.25 price target on the biotechnology company’s stock.
According to Zacks, “Agenus’ collaboration agreements with players like Incyte and Merck not only validate its technology platforms but also provide it with funds. In fact, Agenus received a boost when Merck selected its lead antibody candidate and several backup antibodies for an undisclosed checkpoint target. We are encouraged by its efforts in developing Prophage vaccine for glioblastoma multiforme.Further, the company announced its strategic decision to spin off its cell therapy businesses as a separate unit. The company has made this decision so that it can make smaller teams that can entirely focus on getting the products approved. However, with no approved product in its portfolio, Agenus is heavily dependent on collaborators for topline growth. Shares of the company have also underperformed the industry year to date. Estimates have remained stable ahead of the Q3 earnings results. The company has a mixed record of earnings surprises in recent quarters.”
A number of other brokerages have also recently issued reports on AGEN. BidaskClub cut shares of Agenus from a buy rating to a hold rating in a report on Wednesday, August 2nd. ValuEngine raised shares of Agenus from a strong sell rating to a sell rating in a research note on Monday, July 24th. Finally, Jefferies Group LLC reissued a buy rating and set a $7.00 price objective on shares of Agenus in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Agenus presently has an average rating of Hold and an average price target of $5.81.
Shares of Agenus (AGEN) traded up $0.18 during trading on Wednesday, reaching $3.73. 1,596,100 shares of the company’s stock were exchanged, compared to its average volume of 1,207,128. Agenus has a 12 month low of $3.20 and a 12 month high of $5.91. The company has a debt-to-equity ratio of -2.39, a current ratio of 1.55 and a quick ratio of 1.55.
Agenus (NASDAQ:AGEN) last issued its earnings results on Tuesday, November 7th. The biotechnology company reported ($0.37) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.37). The company had revenue of $3.40 million during the quarter, compared to analysts’ expectations of $5.91 million. The firm’s revenue was down 24.4% compared to the same quarter last year. sell-side analysts predict that Agenus will post -1.19 earnings per share for the current year.
In other Agenus news, CEO Garo H. Armen acquired 100,000 shares of the company’s stock in a transaction dated Monday, October 30th. The stock was acquired at an average cost of $3.55 per share, with a total value of $355,000.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 7.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in AGEN. Bank of New York Mellon Corp boosted its position in Agenus by 38.1% during the first quarter. Bank of New York Mellon Corp now owns 560,799 shares of the biotechnology company’s stock worth $2,114,000 after acquiring an additional 154,715 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Agenus by 203.7% during the first quarter. UBS Asset Management Americas Inc. now owns 51,933 shares of the biotechnology company’s stock worth $196,000 after acquiring an additional 34,833 shares during the last quarter. SG Americas Securities LLC boosted its position in Agenus by 175.7% during the first quarter. SG Americas Securities LLC now owns 37,171 shares of the biotechnology company’s stock worth $140,000 after acquiring an additional 23,689 shares during the last quarter. American International Group Inc. boosted its position in Agenus by 7.1% during the first quarter. American International Group Inc. now owns 45,013 shares of the biotechnology company’s stock worth $170,000 after acquiring an additional 2,984 shares during the last quarter. Finally, Neuberger Berman Group LLC acquired a new stake in Agenus during the first quarter worth approximately $273,000. Hedge funds and other institutional investors own 39.46% of the company’s stock.
Agenus Inc (Agenus) is an immuno-oncology (I-O) company. The Company focuses on the discovery and development of therapies that engage the body’s immune system to fight cancer. It is developing a I-O portfolio driven by platforms and programs, such as antibody discovery platforms, including Retrocyte Display, SECANT yeast display and phage display technologies designed to produce human antibodies; antibody candidate programs, including checkpoint modulator (CPM) programs; vaccine programs, including Prophage, AutoSynVax and PhosPhoSynVax, and saponin-based vaccine adjuvants, principally QS-21 Stimulon adjuvant (QS-21 Stimulon).
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