UPDATE: H.C. Wainwright Reiterates Buy On Agenus On The Back Of A New Deal With Incyte
In a research report issued today, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on Agenus (NASDAQ:AGEN) with a $6.00 price target, as the company announced a global license, development and commercialization agreement with Incyte Corp. (NASDAQ:INCY)
Benjamin commented: “In our opinion, the partnership is excellent news for investors as it is represents a second major validation for the company’s investment in Agenus’ platform technology which has already attracted a collaboration with Merck. Given the resources at Incyte, we believe the new agreement should accelerate the clinical development of new checkpoint antibodies, as well as provide considerable financial flexibility, leaving Agenus’ free to pursue additional opportunities surrounding the unpartnered PD-1 and CTLA-4 programs.”
The analyst added, “With approximately $106.4 MM in cash (pro forma), the potential to secure new partnerships, and a highly versatile platform, we believe Agenus remains an undervalued player in the immuno-oncology space.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Reni Benjamin has a total average return of -1.9% and a 31.7% success rate. Benjamin has a 10.1% average return when recommending AGEN, and is ranked #2914 out of 3434 analysts.