Agenus (AGEN) Reports Narrower-than-Expected Loss In Q1

Agenus Inc. (NASDAQ:AGEN) reported first-quarter 2017 loss of 18 cents per share (including non-cash expenses), narrower than the Zacks Consensus Estimate of a loss of 32 cents and the year-ago loss of 37 cents. The decline was due to the accelerated milestone payment received from Incyte Corporation INCY.

However, revenues were $26.96 million and surpassed the Zacks Consensus Estimate of $5 million. Revenues were considerably up from $5.96 million in the year-ago quarter.

Agenus’ share price decreased 1.0% year to date as against the Zacks classified Medical - Biomedical and Genetics industry’s gain of 4.7%.

Quarterly Highlights

Agenus' fourth-quarter research and development (R&D) expenses were up 30.4% to $32.6 million. But general and administrative expenses were down 15.8% to $7.8 million.

Pipeline Update

Agenus is progressing well with the candidates in its pipeline. Currently, the company is evaluating AGEN1884 in a phase I study. It expects to report early safety and efficacy data on AGEN1884 at the upcoming ASCO conference in 2017.

Additionally, the company is evaluating INCAGN01876 in a phase I study for the treatment of solid tumors.

Notably, GlaxoSmithKline (NYSE:GSK) filed for regulatory approval of Shingrix vaccine which contains Agenus' QS-21 Stimulon. In fact, GSK’s shingles has been filed for regulatory approval in the US, Canada, the EU and also in Japan. The final position of the agency is expected in the second part of this year.

The company plans to initiate studies on anti-PD-1 antagonist AGEN2034 in the first half of 2017. Agenus also plans to begin combination studies on AGEN2034 and AGEN1884 in the second half of the year. Already, it has initiated phase I trial for AutoSynVax in Apr 2017 and completed enrolment as well.

Zacks Rank & Stocks to Consider

Agenus currently carries a Zacks Rank #3 (Hold). A top-ranked stock in the health care sector includes Galena Biopharma, Inc. (NASDAQ:GALE) sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Galena’s loss per share estimates narrowed from $2.03 to 58 cents for 2017 over the last 60 days. The company posted positive earnings surprises in two of the four trailing quarters, with an average beat of 53.83%.

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