Agenus downgraded to Neutral from Outperform at Baird

Baird analyst Colleen Kusy downgraded Agenus to Neutral from Outperform with a price target of $8, down from $35. The firm says its bull thesis that the Phase 2 data for botensilimab and balstilimab would be compelling enough for a fast path to approval in microsatellite stable colorectal cancer has not panned out. While there are some positives in the topline Phase 2 data, the FDA’s advisement against the accelerated approval path is a negative in terms of the time and cost to market, the analyst tells investors in a research note. The firm thinks the funding for the required Phase 3 trial is unclear.