H.C. Wainwright Reiterates Neutral Rating on Agenus Inc. (AGEN)

H.C. Wainwright analyst Emily Bodnar reiterated a Neutral rating and $7.00 price target on Agenus Inc. (NASDAQ: AGEN).

The analyst commented: "On November 27, Agenus announced a strategic operational realignment plan to refine its focus on botensilimab/balstilimab (bot/bal) in MSS colorectal cancer (CRC), while also initiating plans to significantly reduce operating costs. The company announced a projected 60% reduction in annual external expenditures as well as a transition for Agenus's CMC capabilities into a fee-for-service biologics manufacturing business. These developments were anticipated following the company's previous statements during its 3Q24 earnings report and conference call. These strategic alterations in conjunction with ongoing optimization efforts are expected to reduce the company's 2025 cash burn to $100M, though we estimate a slightly higher burn of ~$127M. Bot/bal has displayed noteworthy clinical activity and following the conclusion of Phase 2 meetings with the FDA and EMA. Agenus is planning to initiate a Phase 3 trial for the treatment of MSS-CRC in 1H25 following the release of more mature Phase 2 data in 1H25. Currently, 3 ISTs evaluating bot/bal in the neoadjuvant setting for the treatment of CRC are ongoing with additional data anticipated in early 2025. Further to note, data for bot/bal in additional indications including melanoma and pancreatic cancer are ongoing as well with data set to release in 1H25 after being pushed from 2H24. However, we believe the company is not planning to advance these programs into Phase 3 in the near term given the focus on CRC. Maintain Neutral rating and $7 PT."

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Shares of Agenus Inc. closed at $3.49 yesterday.

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