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Why Agenus Inc. (AGEN) stock declined today?

Shares of the Agenus Inc. (AGEN) stock declined in the intraday session today on November 12, 2021. AGEN stock price saw a decline of 7.98% to drop at $3.92 a share at the time of this writing. The stock was also gloomy in the previous trade and went down by 1.62% at closing. Let’s dig in to understand the reason behind this bull.

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What’s Happening?

AGEN stock today presented the data related to AGEN1181 as monotherapy and combined with balstilimab (anti-PD-1) at the Society for Immunotherapy of Cancer (SITC) 36th Annual Meeting. As of September 17, 2021, one hundred and sixteen patients were dosed with AGEN1181 with the intention to analyze the optimal monotherapy dose and combination dose with balstilimab. According to the data, AGEN1181 showed a durable response when combined with balstilimab in heavily pre-treated poorly immunogenic ‘cold’ cancers. Moreover, AGEN1181 proved to be effective for those who have failed to respond to prior PD-1 inhibition. The product showed well tolerance as no hypophysitis, pneumonitis, or high-grade hepatitis have been reported so far. The clinical data reflects that AGEN1181 showed consistency with its Fc-enhanced design.

Financial View of AGEN stock:

On November 09, 2021, Agenus stock did announce the third quarter 2021 financial results according to which

  • AGEN stock reported $131 million in cash provided by its operations as compared to $32 million cash used in operations in the same period of the previous year.
  • Net income of AGEN stock reached $177 million or $0.76 per share basic and $0.72 per share diluted in the recently reported quarter. This compares to a $52 million net loss in the same quarter of last year.
  • Cash provided by operations in the first nine months of 2021 reached $33 million as compared to $104 million cash used in the operations in the same tenure of the previous year.
  • Net income for the AGEN stock was $39 million in the first nine months of 2021 as compared to a net loss of $145 million in the same period of the previous year.
  • AGEN stock recognized $275 million in revenue in the first nine months of 2021 while this revenue was $57 million for the same period of 2020.
  • By the end of the third quarter of 2021, AGEN stock had $262 million in cash and a short-term investment balance.

Conclusion:

AGEN stock is facing bearish sentiment despite announcing durable results of AGEN1181. The 2021 performance of this stock is satisfactory so far as it gained approximately 19% year to date.

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