Agenus (AGEN) PT Raised to $11 at Maxim Group Amid Incyte Deal

Maxim Group analyst Jason Kolbert reiterated a Buy rating and bumped his price target on Agenus Inc. (NASDAQ: AGEN) to $11.00 (from $10.00) following news the company's stable of checkpoint modulators acquired via the 4-Antibody acquisition, will be opened up to Incyte Corporation (NASDAQ: INCY).

Kolbert commented, "The technology value of the Agenus vaccine adjuvent platform can be a revenue driver but the partnership with Incyte for Agenus checkpoint inhibitors shows Agenus' commitment to developing its cancer immunotherapy platform. We have modeled the initial payment and equity investment by Incyte. The potential of the deal to generate milestones and royalties have not been modeled in, and thus represent additional upside. Combined with rolling our model forward to 2015 and applying a 30% discount rate in our FCF, discounted-EPS, and sum-of-the-parts models we have increased our price target to $11.00, from $10.00."

For an analyst ratings summary and ratings history on Agenus Inc. click here. For more ratings news on Agenus Inc. click here.

Shares of Agenus Inc. closed at $4.11 yesterday.

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