UPDATE: H.C. Wainwright & Co. Initiates Coverage on Agenus with Buy Rating, $8 PT Following 4-Antibody Acquisition

In a report published Monday, H.C. Wainwright & Co. analyst Reni Benjamin initiated coverage on

with a Buy rating and $8.00 price target. In the report, H.C. Wainwright & Co. noted, “We are initiating coverage of Agenus with a BUY rating and a target price of $8. In our opinion, the acquisition of 4-Antibody has propelled the company into the ever exciting field of checkpoint inhibitors. With the addition of 6 lead checkpoint programs, we believe Agenus could soon find itself in the cross hairs of other Pharma/Biotech acquirers. In addition, the company's proprietary personalized platform technology encompassing cancer and infectious disease vaccines as well as the partnered QS-21 program represent significant value drivers for investors. With a portfolio of diverse assets, a confluence of milestones anticipated over the next 12-18 months, and a cash position of $85 MM (proforma), we believe Agenus represents an undervalued player with significant upside for the long-term investor.” Agenus closed on Friday at $3.88.