Agenus (NASDAQ:AGEN) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Agenus (NASDAQ:AGEN) from a hold rating to a buy rating in a report published on Tuesday, Zacks.com reports. The brokerage currently has $2.25 target price on the biotechnology company’s stock.

According to Zacks, “Agenus’ earnings and revenues beat estimates for the fourth quarter of 2019. The company’s efforts to develop its pipeline are impressive. It is advancing a combination study of CTLA-4 targeting antibody, AGEN-1884, and its PD-1 targeting antibody, AGEN-2034, for second-line cervical cancer. A filing is expected in 2020. The company also has partnership with bigwig Gilead Sciences, which lends it with the much-needed infusion of cash to advance its pipeline development. The company filed several IND applications, which are now set for clinical studies. However, with no approved product in its portfolio and only a few candidates in mid-stage development, Agenus is still a few years away from launching a product to the market. The stock has underperformed the industry in the past year.”

Several other research firms have also recently issued reports on AGEN. ValuEngine cut shares of Agenus from a buy rating to a hold rating in a report on Saturday, March 14th. BidaskClub lowered shares of Agenus from a hold rating to a sell rating in a research note on Friday, March 20th. Finally, B. Riley began coverage on shares of Agenus in a research note on Friday, December 20th. They set a buy rating and a $6.00 target price for the company.

AGEN traded up $0.10 during trading on Tuesday, hitting $2.38. The company had a trading volume of 2,572,955 shares, compared to its average volume of 2,155,672. The company has a market cap of $368.43 million, a PE ratio of -2.94 and a beta of 2.55. The business has a 50-day moving average of $2.95 and a 200-day moving average of $3.31. Agenus has a 1-year low of $1.82 and a 1-year high of $4.57.

Agenus (NASDAQ:AGEN) last posted its quarterly earnings results on Thursday, March 12th. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.16. The company had revenue of $34.50 million during the quarter, compared to analyst estimates of $17.05 million. Sell-side analysts predict that Agenus will post -1.28 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its stake in Agenus by 63.7% during the fourth quarter. State Street Corp now owns 3,929,918 shares of the biotechnology company’s stock valued at $15,995,000 after purchasing an additional 1,529,960 shares during the last quarter. Oracle Investment Management Inc. increased its stake in Agenus by 53.3% during the fourth quarter. Oracle Investment Management Inc. now owns 2,772,103 shares of the biotechnology company’s stock valued at $11,282,000 after purchasing an additional 963,807 shares during the last quarter. Geode Capital Management LLC increased its stake in Agenus by 8.5% during the fourth quarter. Geode Capital Management LLC now owns 1,509,835 shares of the biotechnology company’s stock valued at $6,144,000 after purchasing an additional 118,891 shares during the last quarter. Panagora Asset Management Inc. increased its stake in Agenus by 18.7% during the fourth quarter. Panagora Asset Management Inc. now owns 944,287 shares of the biotechnology company’s stock valued at $3,843,000 after purchasing an additional 148,892 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Agenus by 68.8% during the third quarter. Millennium Management LLC now owns 750,487 shares of the biotechnology company’s stock valued at $1,936,000 after purchasing an additional 305,807 shares during the last quarter. Hedge funds and other institutional investors own 33.82% of the company’s stock.

Agenus Company Profile

Agenus Inc, a clinical-stage immuno-oncology company, focuses on the discovery and development of therapies that engage the body's immune system to fight cancer. The company offers Retrocyte Display, an antibody discovery platform for the identification of fully-human and humanized monoclonal antibodies; SECANT yeast display, an antibody discovery platform used for the generation of novel monoclonal antibodies; and phage display technologies.

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