Agenus Inc. (AGEN - Free Report) 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%.
Research and development expenses surged 54.5% to $46.1 million. General and administrative expenses grew 16.3% to $11.1 million.
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 - Free Report) and being developed by them.
GlaxoSmithKline plc’s (GSK - Free Report) 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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