Here's Why Agenus Stock Jumped Higher Today
Shares of Agenus (NASDAQ: AGEN) rose as much as 10.8% today after the company reported a licensing deal in China and highlighted results from an early-stage study. The development-stage biopharma licensed two drug candidates to Betta Pharmaceuticals for a total up-front payment of $35 million. It also showed early evidence that drug combinations including AGEN1181 have promising potential in certain difficult-to-treat solid tumors.
The licensing agreement will boost the company's cash position, which stood at $92 million at the end of March. Meanwhile, the early results from AGEN1181 provide further evidence the company's unique drug-design strategy holds promise.
At the close of trading Monday, the small-cap stock had settled to a 10.4% gain.
Source Fool.com
