Oppenheimer Initiates Coverage on Agenus Inc Following Collaborations With Merck & Co., Inc. and Incyte Corporation
Oppenheimer analyst Christopher Marai initiated coverage on Agenus Inc (NASDAQ:AGEN) after the company began collaborations with Merck and Incyte for the discovery and development of therapeutic antibodies for the treatment of cancer. The analyst rated an Outperform on the stock with a price target of $14. Shares of AGEN are currently trading at $9.38, up $0.46, or 5.16%.
Marai noted, “Agenus is developing novel immuno-therapeutics for oncology and infectious disease. Uniquely, the company has an in-house toolkit of immunooncology checkpoint antibodies, anti-tumor vaccines and vaccine adjuvants. AGEN also has valuable partnerships with Incyte and Merck offering potential access to IDO-inhibitors, anti-PD1 and other therapeutics molecules that may augment its fullspectrum immuno-oncology program,”
The analyst also observed, “We believe that the therapeutics derived from synergies enabled by this toolkit will become apparent as first new therapeutics, including novel anti-GITR and anti OX40 checkpoint inhibitors, enter the clinic in 2H15 and 2016. Data for competitor GITR/OX40 compounds in 2016 may also highlight the utility of, and derisk, AGEN’s immuno-oncology candidates.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher Marai has a total average return of 45.3% and a 79.8% success rate. Marai is ranked #7 out of 3621 analysts.