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Agenus (AGEN) Moves 82.7% Higher: Will This Strength Last?
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Agenus (AGEN - Free Report) shares soared 82.7% in the last trading session to close at $6.12. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1.5% gain over the past four weeks.
The upside came after the biotech announced an oversubscribed private placement of up to $340 million, led by Commodore Capital, with participation from RA Capital Management, TCGX, Invus, and Ligand Pharmaceuticals. This financing enables the company to pursue its strategic pivot toward a registrational phase III study in colon cancer.
This biotechnology company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +106%. Revenues are expected to be $34 million, up 32.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Agenus, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AGEN going forward to see if this recent jump can turn into more strength down the road.
Agenus is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Repligen (RGEN - Free Report) , finished the last trading session 0.4% higher at $144.88. RGEN has returned 10.5% over the past month.
For Repligen, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.46. This represents a change of +24.3% from what the company reported a year ago. Repligen currently has a Zacks Rank of #3 (Hold).
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Agenus (AGEN) Moves 82.7% Higher: Will This Strength Last?
Agenus (AGEN - Free Report) shares soared 82.7% in the last trading session to close at $6.12. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1.5% gain over the past four weeks.
The upside came after the biotech announced an oversubscribed private placement of up to $340 million, led by Commodore Capital, with participation from RA Capital Management, TCGX, Invus, and Ligand Pharmaceuticals. This financing enables the company to pursue its strategic pivot toward a registrational phase III study in colon cancer.
This biotechnology company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +106%. Revenues are expected to be $34 million, up 32.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Agenus, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AGEN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Agenus is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Repligen (RGEN - Free Report) , finished the last trading session 0.4% higher at $144.88. RGEN has returned 10.5% over the past month.
For Repligen, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.46. This represents a change of +24.3% from what the company reported a year ago. Repligen currently has a Zacks Rank of #3 (Hold).