Agenus Inc (NASDAQ: AGEN) is having an incredibly strong afternoon in the market today, and for good reason. The comapny announced that it has been awarded a grant. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The grant news;
- what we’re seeing from AGEN stock as a result; and
- what we’ll be watching for ahead.
AGEN Announces Grant News
As mentioned above, Agenus is having an incredibly strong start to the trading session this mroning after the company announced that it has been awarded a grant. In a press release issed in the late morning, the company announced that it has been awarded a grant of approximately $1 million.
The grant came from the Bill & Melinda Gates Foundation and was provided to help the company develop an alternative, plant cell culture-based manufacturing process to ensure the continuous future supply of its proprietary QS-21 Stimulon adjuvant. The product is a key component of multiple vaccines that target infectious and endemic diseases.
In the release, the company said that the alternative manufacturing process for QS-21 will be developed in an exclusive partnership with Phyton Biotech2. Phyton Biotech2 is a company that has extensive experience developing and applying green chemistry solutions for the production of high-value phytochemicals. The partnership will leverage Phyton’s PCF technology, which has proven to be a feasible model for the consistent, large-scale and low cost commercial production of high-quality QS-21 directly from plant cell cultures.
In a statement, Dr. Garo Armen, Chairman and CEO at AGEN, had the following to offer:
We are delighted to be working in partnership with the Bill & Melinda Gates Foundation in our efforts to revolutionize the way we produce QS-21… The Gates Foundation has recognized the value of consistent supply of high-quality QS-21 to power vaccines. We appreciate their commitment to bringing innovation to drive access to important therapies.
What We’re Seeing From The Stock
On of the first lessons that we learn when we start to dig into the market is that the news leads to moves. When it comes to Agenus, the news proved to be overwhelmingly positive. After all, the grant and partnership will help the company to continue to produce an important product consistently at a low price. So, it’s not surprising to see that excited investors are sending the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (12:31), AGEN is trading at $2.74 per share after a gain of $0.23 per share or 9.03% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on AGEN. In particular, we’re interested in following the story surrounding the company’s continued work to expand the production of QS-21. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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