Here's Why Agenus Stock Is Getting Hammered Today
Shares of Agenus (NASDAQ: AGEN) dropped more than 32% this morning after the company gave investors bad news regarding its experimental cancer immunotherapy balstilimab. The company has withdrawn the Biologics License Application (BLA) that the Food and Drug Administration (FDA) began reviewing earlier this year. The biotech stock was down 25.3% as of 11:40 a.m. EDT on Friday.
Agenus has a large pipeline of experimental drugs, but it doesn't have the cash flows required to develop them at a pace that satisfies investors. The company was gunning for accelerated approval of balstilimab, an anti-PD1 candidate, as a treatment for second-line cervical cancer.
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Source Fool.com
