Agenus stock cut at Baird on FDA feedback (NASDAQ:AGEN)

After falling nearly 60% in the previous session, Agenus shares (NASDAQ: Agen) Decreased by ~5% Shares of Baird fell Friday after the company downgraded its rating, citing FDA reactions to its colorectal cancer treatment combination BOT/BAL that led to selling.

After meeting with Food and Drug Administration, Agnusan agency) from Lexington, Mass., on Thursday that the agency advised against seeking accelerated approval of the immunotherapy combination based on Interim data for phase 2.

“We believe the FDA’s advice against fast-track approval is negative in terms of time and cost to market,” Baird analyst Colleen Causey wrote, according to Bloomberg, as she downgraded the stock and lowered her price target to $8 from $35 per share.

Kosi said she would take a neutral position after the upside thesis, which was based on the assumption that Phase 2 data would be sufficient for rapid BOT/BAL approval, failed to materialize. “We believe that the funding required for Phase 3 is unclear,” she added.