Shares of Agenus Inc. (AGEN - Free Report) gained 10.1%, following the company’s third-quarter results. The company reported third-quarter 2018 loss of 29 cents per share, wider than the Zacks Consensus Estimate of loss of 25 cents but narrower than the year-ago loss of 37 cents.
The company generated revenues of $13 million, which include milestone achievements and non-cash royalties earned, compared with $3.3 million in the year-ago quarter. Revenues beat the Zacks Consensus Estimate of $11 million.
So far this year, shares of Agenus have declined 35.9% compared with the industry’s decrease of 13.5%.
Research and development (R&D) expenses increased 15.7% to $29.8 million. General and administrative expenses increased 14.3% to $9.2 million.
Agenus is a clinical-stage immuno-oncology company with a comprehensive portfolio, consisting of antibody-based therapeutics, adjuvants and cancer vaccine platforms.
Lead clinical-stage antibodies, CTLA-4 and PD-1 antibodies are progressing well. PD-1 agent, AGEN2034 showed a clinical benefit of 68% in evaluable patients with metastatic or locally advanced solid tumors. The company recently reported that out of the 130 patients treated with CTLA-4 and PD-1 antibodies, more than 60% have shown clinical benefit. The company targets a biologics license application (BLA) filing as early as 2020.
In September 2018, the company announced the closing of its non-dilutive royalty transaction with XOMA Corp. (XOMA - Free Report) , whereby the latter purchased a minority interest in the royalties and milestones that Agenus is eligible to receive from Incyte (INCY - Free Report) and Merck (MRK - Free Report) .
Earlier, Agenus received a cash milestone from Incyte for the initiation of a phase I trial of INCAGN2385, an anti-LAG-3 antibody discovered by Agenus. Per the terms, Agenus received a $5-million payment and is eligible to receive up to an additional $505 million in potential development, regulatory and commercial milestones from Incyte.
In August 2018, Agenus received a $4-million milestone payment from Merck for the initiation of a phase I trial on an undisclosed antibody candidate.
The company filed four investigational new drugs (INDs) in 2018. Two additional INDs will be filed by the end of the year.
Agenus currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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