Small-Cap Cancer Drug Developer Agenus' Highlights Encouraging Data From Colorectal Cancer, But Funding Concerns Loom
Portfolio Pulse from Vandana Singh
Agenus Inc (NASDAQ:AGEN) reported promising Phase 1 trial results for its BOT/BAL therapy in metastatic colorectal cancer, with a 23% overall response rate. The company plans to submit a BLA later this year and present detailed Phase 2 results in 2024. Agenus also executed a one-for-twenty reverse stock split. Despite positive data, funding concerns persist as Agenus ended 2023 with $76.1 million in cash and a significant cash burn. William Blair remains optimistic, maintaining an Outperform rating with a sales forecast of $404 million by 2027 for the therapy.
April 12, 2024 | 6:18 pm
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POSITIVE IMPACT
Agenus received a $25 million milestone from Bristol Myers Squibb & Co (NYSE:BMY) as part of their collaboration.
The $25 million milestone payment from BMY to Agenus could be viewed positively by investors as it provides additional funding to Agenus, potentially easing some concerns over its cash burn. This could have a slight positive impact on BMY's stock as it reflects progress in their collaboration, but the direct impact on BMY's stock might be limited due to the relative scale of the payment compared to BMY's overall financials.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Agenus Inc reported encouraging Phase 1 results for BOT/BAL in metastatic colorectal cancer, plans for BLA submission, and executed a reverse stock split. However, concerns about funding persist.
The positive trial results and planned BLA submission could be seen as positive indicators for Agenus's future prospects, potentially driving investor interest. However, the ongoing funding concerns and the recent reverse stock split might temper investor enthusiasm in the short term, leading to a neutral impact on the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100