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Agenus (AGEN) Reports In Line Q3 Loss, Sales Miss Estimates

Zacks Equity Research
In the latest trading session, AeroVironment (AVAV) closed at $92.84, marking a -0.48% move from the previous day.

Agenus Inc. AGEN is a Lexington, MA-based development-stage company focused on the discovery and development of checkpoint modulators, vaccines and adjuvants for the treatment of cancer.

The company earns revenues primarily through fees received under collaboration and license agreements, which not only provide it with funds in the form of upfront and milestone payments and future royalties, but also validate the company’s proprietary product platform. In Mar 2017, the company undertook certain restructuring activities in order to cut costs and focus on developing key product candidates.

With no approved product in its portfolio yet, investor focus should remain on pipeline updates by the company. The company has three platform technologies for the development of its candidates – Retrocyte Display, SECANT and phage display – each designed to produce quality human antibodies. The company has several early-to-mid stage candidates in its portfolio.

Agenus’ track record has been mixed so far. The company has surpassed estimates thrice in the trailing four quarters and missed the same on one occasion, bringing the average positive surprise to 4.27%.

Currently, Agenus has a Zacks Rank #2 (Buy), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings:Agenus reported in line loss in the third quarter of 2017. Our consensus called for a loss of 37 cents per share, which was in line with loss reported by the company.

Revenue:Revenues, however, missed expectations. Agenus posted revenues of $3.4 million, compared to our consensus estimate of $4 million.

Cash and Cash Equivalents:Cash, cash equivalents and short-term investments were $70.1 million as of Sep 30, 2017 compared with $76.4 millionas of Dec 31, 2016.

Share Price Impact: In-active in pre-market trading.

Check back later for our full write up on AGEN earnings report later!

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