US stock futures flat after Wall St drops on Trump tariffs, soft jobs data
In a challenging year for Agenus Inc (NASDAQ:AGEN)., the biotechnology company's stock has touched a 52-week low, trading at $1.44, with technical indicators from InvestingPro suggesting the stock is in oversold territory. The company's market capitalization has contracted to just $37.7 million, while operating with concerning financial metrics including a -50.8% gross profit margin. This price level reflects a significant downturn for the firm, which has seen its stock value plummet by 84% over the past year. Investors have been closely monitoring Agenus as it navigates through a period marked by volatility in the biotech sector, with the company's latest low underscoring the broader market pressures and internal challenges it faces. The company's weak financial health score of 1.37 out of 5 on InvestingPro highlights these challenges, though analysis suggests the stock may be undervalued at current levels. The 52-week low serves as a critical indicator for shareholders and potential investors, as it encapsulates the stock's performance and investor sentiment over a substantial period. Discover 12 additional key insights about Agenus through InvestingPro's comprehensive research report.
In other recent news, Agenus Inc. disclosed its financial results for the fourth quarter of 2024, reporting a collaboration revenue of $26.8 million. This reflects a significant decline from the $83.8 million reported in the same quarter of the previous year. Despite the revenue drop, the company successfully reduced its operating expenses to $28.7 million, marking a notable decrease from the third quarter of 2024. For the entire year, Agenus recognized revenue of $103.5 million and reported a net loss of $232.3 million, or $10.59 per share. The company ended the year with $40.4 million in cash and cash equivalents, down from $76.1 million at the end of 2023.
Agenus is focusing on reducing its annual cash burn to approximately $50 million by mid-2025, with strategic shifts including a move from company-sponsored to investigator-sponsored trials. The company is also exploring potential partnerships to accelerate the clinical registration of its botensilimab/balstilimab program in key cancer indications. H.C. Wainwright maintained a Neutral rating on Agenus stock following the release of its annual financial report. The analyst firm noted the company's strategic cost reductions and focus on its key clinical programs.
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