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Agenus price target lowered to $5 from $8 at JMP Securities

JMP Securities reduced its target on Agenus after a trial of a treatment that utilizes Agenus' QS-21 Stimulon drug failed to meet its primary endpoint. However, the firm still believes that the treatment that incorporates Agenus' drug can be approved by the FDA. The firm reiterates an Outperform rating on Agenus.