Agenus Loses More Than 50% Value On Thursday - Here's Why
Portfolio Pulse from Vandana Singh
Agenus Inc. (NASDAQ:AGEN) stock plummeted over 50% on Thursday following the FDA's discouragement of an accelerated approval pathway for its immunotherapy combination, botensilimab and balstilimab, for colorectal cancer. Despite promising Phase 1 and Phase 2 trial results, the FDA's concerns about survival benefits led to the stock's decline. Agenus plans to seek partnerships for a Phase 3 trial in the U.S. and is also engaging with European regulators for approval paths.
July 18, 2024 | 3:47 pm
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Agenus Inc. (NASDAQ:AGEN) experienced a significant stock price drop of over 50% after the FDA advised against an accelerated approval pathway for its cancer therapy combination, botensilimab and balstilimab. The FDA's concerns about the therapy's survival benefits overshadowed the promising trial results, leading to a sharp decline in investor confidence.
The FDA's discouragement of an accelerated approval pathway for Agenus' cancer therapy directly impacts the company's prospects and investor sentiment. Despite positive trial data, the lack of FDA support for accelerated approval raises concerns about the therapy's market potential and future revenue, leading to a significant drop in stock price.
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