Agenus Inc. (AGEN) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Agenus Inc. (NASDAQ:AGEN) from a buy rating to a hold rating in a research note released on Friday morning.
According to Zacks, “Agenus posted narrower-than-expected loss in the second quarter of 2017 but missed revenue estimates. The company’s 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 Medical-Biomedical/Genetics industry year to date.”
Several other equities research analysts have also weighed in on the stock. ValuEngine lowered shares of Agenus from a sell rating to a strong sell rating in a research note on Saturday, July 8th. BidaskClub upgraded shares of Agenus from a hold rating to a buy rating in a research note on Monday, July 24th. Jefferies Group LLC restated a buy rating and issued a $7.00 price target on shares of Agenus in a research note on Friday, August 4th. Finally, HC Wainwright set a $5.00 price target on shares of Agenus and gave the company a hold rating in a research note on Saturday, May 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Agenus has an average rating of Hold and a consensus target price of $5.88.
Shares of Agenus (NASDAQ AGEN) traded down 1.62% during trading on Friday, reaching $3.65. 618,800 shares of the company traded hands. Agenus has a 12 month low of $3.20 and a 12 month high of $7.49. The company has a 50-day moving average of $4.20 and a 200-day moving average of $3.88. The stock’s market capitalization is $363.95 million.
Agenus (NASDAQ:AGEN) last issued its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.04. Agenus had a negative net margin of 280.96% and a negative return on equity of 37,577.49%. The business had revenue of $4.21 million for the quarter, compared to analysts’ expectations of $6.66 million. During the same quarter last year, the company posted ($0.33) earnings per share. The company’s quarterly revenue was down 36.1% compared to the same quarter last year. Analysts forecast that Agenus will post ($1.13) earnings per share for the current fiscal year.
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A number of hedge funds have recently modified their holdings of AGEN. Vanguard Group Inc. raised its position in Agenus by 5.2% in the second quarter. Vanguard Group Inc. now owns 3,530,585 shares of the biotechnology company’s stock worth $13,805,000 after buying an additional 174,162 shares in the last quarter. Oracle Investment Management Inc. purchased a new position in Agenus during the first quarter worth approximately $6,444,000. Northern Trust Corp raised its position in Agenus by 4.1% in the second quarter. Northern Trust Corp now owns 941,631 shares of the biotechnology company’s stock worth $3,682,000 after buying an additional 37,239 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Agenus by 3,447.2% in the first quarter. Goldman Sachs Group Inc. now owns 673,333 shares of the biotechnology company’s stock worth $2,539,000 after buying an additional 654,351 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Agenus by 38.1% in 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 buying an additional 154,715 shares in the last quarter. Hedge funds and other institutional investors own 41.54% 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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