In a research report released Friday, H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on shares of Agenus Inc. (NASDAQ:AGEN), with a price target of $10, after the company reported second-quarter financials and provided investors with an update on its clinical progress. Yesterday, following the release, shares of Agenus rose nearly 9% to $5.38.
Ramakanth noted, “On the surface, the company may seemed to show little activity in the last six months, but looking deeper, we notice that management has assembled multiple pieces of technology and know-how required to develop novel combination therapies. During Agenus’ 2Q16 earnings call held on July 28, management clarified that the development of combination immunotherapy is the company’s focus. Positive data from different immunotherapy combinations was recently presented at the 2016 ASCO Annual Meeting, and we believe the development of therapies that combine two or more checkpoint modulators (CPMs) together with cancer vaccines could be the next major breakthrough that leads to significant improvements in patient outcomes.”
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Swayampakula Ramakanth has a yearly average return of -14.6% and a 31.2% success rate. Ramakanth has a 10.6% average return when recommending AGEN, and is ranked #3964 out of 4087 analysts.
All the 5 analysts polled by TipRanks rate Agenus stock a Buy. With a return potential of 95.2%, the stock’s consensus target price stands at $10.50.