On Wednesday, Baird adjusted the price target for Agenus Inc . (NASDAQ:AGEN), a biotechnology company, reducing it significantly to $35.00 from the previous $120.00. Despite the substantial decrease in the price target, Baird has maintained an Outperform rating on the company's shares.
The revision in Agenus' price target comes in the wake of the company's recent 1-for-20 reverse stock split, which took effect last Friday. The reverse stock split is a strategy companies use to consolidate shares and potentially boost the stock price by reducing the number of shares outstanding.
In addition to the reverse stock split, Agenus has shared an updated analysis of Phase 1 data for its investigational therapies, botensilimab and balstilimab, which are being evaluated in patients with Microsatellite Stable Colorectal Cancer (MSS CRC). The data continues to show promising survival benefits.
Looking ahead, Agenus has characterized the interim Phase 2 data in MSS CRC as "encouraging." These results will be foundational for the company's upcoming discussions with the FDA, which are scheduled for mid-year. Baird anticipates that the Phase 2 data, expected to be released in the second half of 2024, will serve as a significant catalyst for the company.
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