Agenus (NASDAQ:AGEN) Posts Quarterly Earnings Results, Misses Estimates By $0.22 EPS

Key Points

• Agenus reported quarterly earnings of ($1.00) per share, falling short of estimates by $0.22 and generating $25.70 million in revenue, significantly below analyst expectations of $49.71 million.
• Following the earnings report, Agenus stock declined by 11.0%, closing at $4.27 with a trading volume exceeding its average.
• Analysts have mixed ratings on Agenus, with HC Wainwright upgrading the stock to a "buy" rating and setting a target price of $25.00, while others adjusted their price targets close to the current market rate.

Agenus (NASDAQ:AGEN - Get Free Report) issued its earnings results on Monday. The biotechnology company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.22), Zacks reports. The company had revenue of $25.70 million during the quarter, compared to analyst estimates of $49.71 million.

Agenus Stock Down 11.0%

Shares of Agenus stock traded down $0.53 during trading hours on Monday, hitting $4.27. 1,006,771 shares of the company's stock traded hands, compared to its average volume of 801,851. The stock has a 50 day simple moving average of $5.42 and a 200-day simple moving average of $3.67. The company has a market cap of $117.08 million, a PE ratio of -0.49 and a beta of 1.62. Agenus has a twelve month low of $1.38 and a twelve month high of $7.34.

Analysts Set New Price Targets

A number of research firms have recently issued reports on AGEN. HC Wainwright upgraded Agenus from a "neutral" rating to a "buy" rating and set a $25.00 target price for the company in a research note on Wednesday, June 4th. Robert W. Baird increased their target price on Agenus from $4.00 to $6.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. B. Riley restated a "buy" rating on shares of Agenus in a research note on Monday, April 21st. Finally, Wall Street Zen upgraded Agenus from a "hold" rating to a "buy" rating in a research note on Saturday.

Institutional Trading of Agenus

Several large investors have recently modified their holdings of the business. Acadian Asset Management LLC acquired a new position in Agenus in the first quarter worth about $58,000. Invesco Ltd. acquired a new position in Agenus in the first quarter worth about $88,000. Finally, AQR Capital Management LLC grew its stake in Agenus by 3,080.3% in the first quarter. AQR Capital Management LLC now owns 441,486 shares of the biotechnology company's stock worth $664,000 after purchasing an additional 427,604 shares in the last quarter. 61.46% of the stock is currently owned by institutional investors and hedge funds.

About Agenus

Agenus Inc, a clinical-stage biotechnology company, discovers and develops immuno-oncology products in the United States and internationally. The company offers Retrocyte Display, an antibody expression platform for the identification of fully human and humanized monoclonal antibodies; and display technologies.

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