H.C. Wainwright upgraded Agenus (AGEN) to Buy from Neutral with a $25 price target after the company entered into a strategic collaboration with Indian multinational pharmaceutical company Zydus Lifesciences. The definitive partnership is valued at up to $141M and is aimed at accelerating the clinical development of botensilimab and balstilimab while also securing scaled manufacturing both domestically and outside the U.S., the analyst tells investors in a research note. Th firm says that given Agenus’ commitment to reducing its cash burn and the capital provided from this partnership, it now believes the company has sufficient funding to advance botensilimab and balstilimab through a Phase 3 trial initiating in the second half of 2025.
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