Agenus Inc. (AGEN) PT Lowered to $23 at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar lowered the price target on Agenus Inc. (NASDAQ: AGEN) to $23.00 (from $25.00) while maintaining a Buy rating.

The analyst comments "2Q25 financial update; modulating PT to $23 on higher than expected operating expenses. The company reported 2Q25 revenues of $25.7M, and noted it expects the $75M upfront payment from Zydus in 3Q25, in addition to the $16M equity investment. The company had a net loss of $30M, and EPS of ($1.00). Operating expenses for 2Q25 were $42.5M, which were higher than 1Q25 operating expenses. We now estimate 2025 operating expenses of $153.7M, which is higher than our previous estimate. The company ended the 2Q25 with $9.5M in cash and equivalents, which does not include the $91M cash infusion expected in 3Q25 from Zydus, which will be sufficient to fund the Phase 3 trial. Given the higher than expected operating expenses in 2Q25 and our increased operating expense estimates for 2H25, we are modulating our PT to $23 from $25, previously."

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