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Agenus (AGEN) Reports Wider-than-Expected Loss in Q3
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Agenus Inc. (AGEN - Free Report) reported third-quarter 2016 loss of 47 cents per share (including non-cash expenses), wider than the Zacks Consensus Estimate of a loss of 32 cents as well as the loss of 16 cents in the prior-year quarter. Lower revenues and higher costs hurt earnings in the quarter.
Moreover, revenues dropped 35% year over year to $4.4 million, slightly below the Zacks Consensus Estimate of $6 million.
Quarterly Highlights
Agenus’ third-quarter research and development (R&D) expenses were up 16.7% to $22 million. Likewise, general and administrative expenses increased 11.2% to $7.1 million. The rise in net loss year over year was mainly due to the $227 million rise in non-cash expenses.
Pipeline Update
Agenus is progressing with the candidates in its pipeline. Currently, the company is evaluating AGEN1884 in a phase I study and INCAGN01876 in a phase I/II study for the treatment of solid tumors.
The company plans to initiate studies on its second anti-CTLA-4 antibody, AGEN2041 in 2017. Agenus also expects to begin combination studies on AGEN2041 and AGEN1884 in the first half of 2017.
The company has initiated phase I trial for OX40 agonist INCAGN1949 in collaboration with Incyte Corporation (INCY - Free Report) . Agenus has also started phase I trial for PD-1 antagonist AGEN2034 and AutoSynVax.
Agenus currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the healthcare sector include Infinity Pharmaceuticals, Inc. , BioMarin Pharmaceutical Inc. (BMRN - Free Report) . Both, Infinity and BioMarin sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BioMarin’s loss estimates narrowed from 28 cents to 25 cents for 2016 and from $1.16 to $1.11 for 2017 over the last 60 days.
Infinity’s loss estimates narrowed from $3.84 to $3.79 for 2016 and remained stable for 2017 over the last 60 days. The company posted positive surprises in all the four trailing quarters with an average beat of 67.62%.
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Agenus (AGEN) Reports Wider-than-Expected Loss in Q3
Agenus Inc. (AGEN - Free Report) reported third-quarter 2016 loss of 47 cents per share (including non-cash expenses), wider than the Zacks Consensus Estimate of a loss of 32 cents as well as the loss of 16 cents in the prior-year quarter. Lower revenues and higher costs hurt earnings in the quarter.
Moreover, revenues dropped 35% year over year to $4.4 million, slightly below the Zacks Consensus Estimate of $6 million.
Quarterly Highlights
Agenus’ third-quarter research and development (R&D) expenses were up 16.7% to $22 million. Likewise, general and administrative expenses increased 11.2% to $7.1 million. The rise in net loss year over year was mainly due to the $227 million rise in non-cash expenses.
Pipeline Update
Agenus is progressing with the candidates in its pipeline. Currently, the company is evaluating AGEN1884 in a phase I study and INCAGN01876 in a phase I/II study for the treatment of solid tumors.
The company plans to initiate studies on its second anti-CTLA-4 antibody, AGEN2041 in 2017. Agenus also expects to begin combination studies on AGEN2041 and AGEN1884 in the first half of 2017.
The company has initiated phase I trial for OX40 agonist INCAGN1949 in collaboration with Incyte Corporation (INCY - Free Report) . Agenus has also started phase I trial for PD-1 antagonist AGEN2034 and AutoSynVax.
AGENUS INC Price, Consensus and EPS Surprise
AGENUS INC Price, Consensus and EPS Surprise | AGENUS INC Quote
Zacks Rank & Stocks to Consider
Agenus currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the healthcare sector include Infinity Pharmaceuticals, Inc. , BioMarin Pharmaceutical Inc. (BMRN - Free Report) . Both, Infinity and BioMarin sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BioMarin’s loss estimates narrowed from 28 cents to 25 cents for 2016 and from $1.16 to $1.11 for 2017 over the last 60 days.
Infinity’s loss estimates narrowed from $3.84 to $3.79 for 2016 and remained stable for 2017 over the last 60 days. The company posted positive surprises in all the four trailing quarters with an average beat of 67.62%.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>