Agenus is having an incredibly strong day in the market today. When the trading session started for the day, the stock was already trading well into the green. From there, the stock dipped a bit before a strong continuation of gains was seen in the chart. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for ahead.
What We’re Seeing From AGEN
As mentioned above, Agenus is enjoying a very strong day in the market today. At the opening bell, the stock was already trading well into the green. While it did see a slight dip early on, that didn’t last long. For the most part, the stock has been running for the top all morning. At the moment (10:24), AGEN is trading at $4.72 per share after a gain of $0.60 per share or 14.68% thus far today.
Why The Stock Is Climbing
Our partners at Trade Ideas were the first to alert us of the run toward the top that we’re seeing on AGEN. As soon as we received the alert, the CNA Finance team started digging to see what was causing the movement. It didn’t take long to uncover the story. The gains are ultimately the result of an amended agreement.
It was announced early today that Agenus has amended its agreement with Incyte. The agreement surroundes licensing, development and commercialization of GITR (glucocorticoid-induced tumor necrosis factor receptor) as well as OX40 antibody programs. The amended agreement gives INCY the responsibility of funding global development and commercialization of resulting antibody candidates. As a result, the agreement is no longer a profit sharing, co-funding agreement. Instead, it is a royalty agreement under which INCY will pay AGEN 15% royalties on global net sales for each approved product. The agreement also includes milestones based on development and commercialization.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on both AGEN and INCY. In particular, we’re interested in watching how the partnership plays out and the ongoing development of these treatments. Nonetheless, we’ll keep a close eye on the news and continue to bring it to you as it breaks!
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