Mayank Mamtani, an analyst from B.Riley Financial, reiterated the Buy rating on Agenus (AGEN – Research Report). The associated price target is $6.00.
Mayank Mamtani issued a buy rating for Agenus due to a combination of factors. Following the release of the company’s 3Q23 financial results, Mamtani has acknowledged Agenus’ promising progression in its flagship program, bot/bal. This program is heading towards gaining global regulatory approvals for its application in multiple solid tumors by late 2024 or early 2025. Encouraging data from the company’s sizable datasets and a projected Phase III confirmatory study have further bolstered this positive outlook. The company’s bot/bal program has shown unprecedented activity in the treatment of pancreatic cancer, and Agenus expects to further strengthen its position in GI cancer treatment with its next-gen immune checkpoint inhibitor.
In addition to the promising clinical data, Mamtani also noted Agenus’ effective financial management. The company has been actively reducing its operational expenditure, with a projected drop from $70M in Q3 to $40M in Q4. Furthermore, an expected cash infusion of around $200M, not involving stock issuance, is anticipated. This is primarily due to expected milestone payments from a partnered program and the sale of non-strategic assets. Furthermore, Agenus is making progress in strategic discussions on bot/bal, with potential for higher value realization as critical data and regulatory milestones are met through 2024. These factors have contributed to Mamtani’s positive outlook on Agenus, resulting in the buy rating.
In another report released today, Robert W. Baird also maintained a Buy rating on the stock with a $6.00 price target.
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Agenus (AGEN) Company Description:
Agenus, Inc. is a clinical-stage immuno-oncology company, which engages in the development and commercialization of technologies to treat cancers and infectious diseases. Its product pipeline includes AGEN1884, AGEN2034, INCAGN1876, INCAGN1949, Prophage, AutoSynVax, PhosphoSynVax, and AS-21 Stimulon. The company was founded by Garo H. Armen and Pramod K. Srivastava in March 1994 and is headquartered in Lexington, MA.
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