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Agenus (AGEN) Q3 Earnings Beat Estimates, Revenues Up Y/Y

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Agenus Inc. AGEN reported third-quarter 2019 loss of 33 cents per share, narrower than the Zacks Consensus Estimate of a loss of 38 cents. However, the figure was wider than the year-ago quarter’s loss of 29 cents.

The company generated revenues of $20 million, including non-cash royalties, up from $13 million in the year-ago quarter. Revenues beat the Zacks Consensus Estimate of $16 million.

Shares of the company have rallied 29% year to date compared with the industry’s growth of 0.7%.

 Quarterly Highlights

Research and development expenses surged 54.5% to $46.1 million. General and administrative expenses grew 16.3% to $11.1 million.

Pipeline Update

Agenus is a clinical-stage, immuno-oncology company with a comprehensive portfolio consisting of antibody-based therapeutics, adjuvants and cancer vaccine platforms.

The company expects to file a biologics license application (BLA) for its CTLA-4 antibody, Zalifrelimab, and PD-1 antibody, Balstilimab, in 2020. It expects to commercialize both agents in the first half of 2021.

The company also anticipates initiating combination studies for NexGen CTLA-4 and PD-1 antibodies shortly.

Agenus advanced four novel discoveries to investigational new drug (IND) in 2019 and these are now set for clinical trials. These include the company’s next-generation CTLA-4, AGEN1181; the differentiated CD137 molecule, AGEN2373; the first-in-class Treg depleting bispecific antibody, AGEN1223; and GS-1423, a bi-functional molecule, which is now exclusively licensed to Gilead Sciences Inc. GILD and being developed by them.

GlaxoSmithKline plc’s GSK herpes zoster vaccine, Shingrix, which contains Agenus' proprietary immune adjuvant QS-21 Stimulon, achieved more than $1.6 billion in revenues in the first nine months of 2019.

Zacks Rank & A Stock to Consider

Agenus currently carries a Zacks Rank #3 (Hold).

A better-ranked stock is Acorda Therapeutics Inc. (ACOR - Free Report) , carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Acorda’s loss per share estimates have narrowed from $2.74 to $2.18 for 2019 and from $3.42 to $1.95 for 2020 in the past 60 days. The company delivered a positive earnings surprise in the trailing four quarters, the average being 69.68%.

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