Agenus Inc (NASDAQ: AGEN)
While the market hasn’t opened quite yet for the day, Agenus isn’t likely to have the best of days. Unfortunately, the stock is falling hard in the pre-market trading hours after announcing that it has stopped patient enrollment into a key study. Below we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to AGEN ahead.
What We’re Seeing From AGEN
As mentioned above, the market hasn’t quite opened yet. Nonetheless, in the pre-market, AGEN isn’t having the best of times at the moment. Shortly after information was released with regard to the ceasing of study enrollment, the stock started to dive. At the moment (9:02), AGEN is trading at $4.30 after a loss of $0.24 per share (5.29%) thus far today.
Why The Stock Is Falling
As is almost always the case, our partners at Trade Ideas were the first to notify us of the decliness on AGEN. As soon as the CNA Finance team received the alert, we started digging to see exactly what was causing the movement. In this particular case, it didn’t take long to uncover the story. The declines are ultimately the result of news surrounding a clinical study.
In a regulatory filing that was made available today, investors learned that Agenus has stopped the patient enrollment process for a key Phase 2 clinical study. The study is assessing Prophage G-200 in combination with Avastin as a treatment for patients with surgically resectable recurrent glioblastoma multiforme.
The reason that the enrollment was stopped had to do with an interim analysis. The Data Safety and Monitoring Board suggested that the study was not likely to demonstrate a benefit over bevacizumab alone, and if that’s the case, AGEN is better off cutting its losses rather than continuing.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on AGEN. In particular, we’ll be watching to see if anything changes with regard to the study mentioned above. We’ll also be watching the company’s ongoing work surrounding other treatments in its pipeline. We’ll keep a close eye on the news and continue to bring it to you as it breaks!
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