Agenus Inc. (NASDAQ:AGEN) stock is trading lower on Tuesday due to short-term profit-taking following a record-breaking price surge on Monday, when the stock gained between 95% and 111%.
On Tuesday, HC Wainwright & Co. maintained its Buy rating on Agenus and raised its price target for the stock to $30. The updated analyst outlook follows significant clinical and financial updates released by the biotechnology firm on Monday morning.
• Agenus shares are sliding. What’s behind AGEN decline?
Phase 1b Clinical Trial Results
The volatility comes after Agenus reported updated three-year Phase 1b data on Monday. The trial evaluated its botensilimab plus balstilimab combination in 123 heavily pretreated patients with refractory microsatellite-stable metastatic colorectal cancer without active liver metastases.
The combination produced a median overall survival of 21.2 months. The 24-month and 36-month overall survival rates reached 41% and 33%, respectively. The data showed a confirmed objective response rate of 21% across 26 confirmed responses.
Private Placement Financing Details
Separately, Agenus announced a private placement led by Commodore Capital, with participation from RA Capital Management, TCGX, Invus and Ligand Pharmaceuticals Inc. The financing provides approximately $85 million in upfront gross proceeds, with up to an additional $255 million if accompanying warrants are fully exercised.
Strategic Shift to Phase 3 ROBBIN Trial
The company stated the proceeds will fund its planned registrational Phase 3 ROBBIN trial, evaluating the combination as a neoadjuvant treatment in earlier-stage colon cancer. Agenus plans to discontinue financial support for its ongoing BATTMAN Phase 3 study to facilitate this strategic shift. The first patient dose in the ROBBIN trial is scheduled for the first quarter of 2027.
Agenus Stock Short Interest Report
Short interest in Agenus rose during the latest reporting period, increasing from 4.78 million shares to 5.99 million shares. As a result, approximately 14.58% of the company’s public float is now sold short.
Based on the stock’s average daily trading volume of 1.11 million shares, it would take short sellers an estimated 5.42 days to cover their positions, assuming average trading activity and no significant increase in the share price.
AGEN Stock Price Activity: Agenus shares were down 7.60% at $5.66 at the time of publication on Tuesday, according to Benzinga Pro data.
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