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Agenus Inc., a clinical-stage immuno-oncology company, focuses on the discovery and development of therapies that engage the body's immune system to fight cancer. The last earnings update was 98 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Agenus (AGEN) | 5.2% | 13.9% | 64.8% | -6% | 14.6% | 7.1% |
US Biotechs | -0.8% | 0.3% | 5.7% | -1.8% | 14.9% | 7.1% |
US Market | 0.5% | 6.3% | 1.9% | 2% | 45.1% | 40.5% |
Is Agenus undervalued based on future cash flows and its price relative to the stock market?
Below are the data sources, inputs and calculation used to determine the intrinsic value for Agenus.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Average of 2 Analyst Estimates (S&P Global) | See below |
Discount Rate (Cost of Equity) | See below | 13.3% |
Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
Data Point | Calculation/ Source | Result |
---|---|---|
Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
Equity Risk Premium | S&P Global | 7.3% |
Biotechs Unlevered Beta | Simply Wall St/ S&P Global | 1.43 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.425 (1 + (1- 21%) (2.9%)) |
1.458 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.46 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.458 * 7.27%) |
13.33% |
Discounted Cash Flow Calculation for NasdaqCM:AGEN using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Agenus is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
2019 | 2020 | 2021 | 2022 | 2023 | |
Levered FCF (USD, Millions) | -152.30 | -128.40 | -94.20 | -25.40 | 80.70 |
Source | Analyst x1 | Analyst x1 | Analyst x1 | Analyst x1 | Analyst x1 |
Present Value Discounted (@ 13.33%) |
-134.39 | -99.97 | -64.72 | -15.40 | 43.17 |
Present value of next 5 years cash flows | $-271.31 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= $80.70 × (1 + 2.73%) ÷ (13.33% – 2.73%) |
$782.20 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $782.20 ÷ (1 + 13.33%)5 |
$418.43 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $-271.31 + $418.43 |
$147.12 |
Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $147.12 / 131.09 |
$1.12 |
Calculation | Result | |
---|---|---|
Value per share (USD) | From above. | $1.12 |
Current discount | Discount to share price of
$3.61
= -1 x ($3.61 - $1.12) / $1.12 |
-221.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-09-30) in USD | $-1.39 |
NasdaqCM:AGEN Share Price ** | NasdaqCM (2019-02-13) in USD | $3.61 |
United States of America Biotechs Industry PE Ratio | Median Figure of 32 Publicly-Listed Biotechs Companies | 20.45x |
United States of America Market PE Ratio | Median Figure of 3,046 Publicly-Listed Companies | 16.95x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Agenus.
Calculation | Outcome | |
---|---|---|
PE Ratio | = NasdaqCM:AGEN Share Price ÷ EPS (both in USD) = 3.61 ÷ -1.39 |
-2.6x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | -2.6x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts |
14.1%per year |
United States of America Biotechs Industry PEG Ratio | Median Figure of 25 Publicly-Listed Biotechs Companies | 1.91x |
United States of America Market PEG Ratio | Median Figure of 2,117 Publicly-Listed Companies | 1.36x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-09-30) in USD | $-1.10 |
NasdaqCM:AGEN Share Price * | NasdaqCM (2019-02-13) in USD | $3.61 |
United States of America Biotechs Industry PB Ratio | Median Figure of 404 Publicly-Listed Biotechs Companies | 3.03x |
United States of America Market PB Ratio | Median Figure of 5,122 Publicly-Listed Companies | 1.81x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = NasdaqCM:AGEN Share Price ÷ Book Value per Share (both in USD) = 3.61 ÷ -1.10 |
-3.28x |
* Primary Listing of Agenus.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
How is Agenus expected to perform in the next 1 to 3 years based on estimates from 2 analysts?
Data Point | Source | Value (per year) |
---|---|---|
NasdaqCM:AGEN Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts | 14.1% |
NasdaqCM:AGEN Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts | 44.7% |
United States of America Biotechs Industry Earnings Growth Rate | Market Cap Weighted Average | 19.8% |
United States of America Biotechs Industry Revenue Growth Rate | Market Cap Weighted Average | 14.7% |
United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.4% |
United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2023-12-31 | 221 | -42 | 2 | |
2022-12-31 | 144 | -101 | 2 | |
2021-12-31 | 65 | -146 | 2 | |
2020-12-31 | 33 | -161 | 2 | |
2019-12-31 | 10 | -163 | 2 | |
2018-12-31 | 37 | -145 | 2 |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-09-30 | 39 | -121 | -147 |
2018-06-30 | 29 | -123 | -151 |
2018-03-31 | 18 | -120 | -158 |
2017-12-31 | 43 | -94 | -121 |
2017-09-30 | 40 | -84 | -112 |
2017-06-30 | 41 | -82 | -116 |
2017-03-31 | 44 | -73 | -113 |
2016-12-31 | 23 | -80 | -127 |
2016-09-30 | 25 | -83 | -117 |
2016-06-30 | 27 | -78 | -89 |
2016-03-31 | 27 | -72 | -101 |
2015-12-31 | 25 | -47 | -88 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
All data from Agenus Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2023-12-31 | -0.34 | 0.35 | -1.02 | 2.00 |
2022-12-31 | -0.85 | -0.56 | -1.14 | 2.00 |
2021-12-31 | -1.24 | -1.16 | -1.32 | 2.00 |
2020-12-31 | -1.38 | -1.34 | -1.41 | 2.00 |
2019-12-31 | -1.44 | -1.35 | -1.52 | 2.00 |
2018-12-31 | -1.35 | -1.34 | -1.35 | 2.00 |
Date (Data in USD Millions) | EPS * |
---|---|
2018-09-30 | -1.39 |
2018-06-30 | -1.48 |
2018-03-31 | -1.57 |
2017-12-31 | -1.23 |
2017-09-30 | -1.18 |
2017-06-30 | -1.26 |
2017-03-31 | -1.27 |
2016-12-31 | -1.46 |
2016-09-30 | -1.35 |
2016-06-30 | -1.04 |
2016-03-31 | -1.22 |
2015-12-31 | -1.13 |
*GAAP earnings excluding extraordinary items.
How has Agenus performed over the past 5 years?
All data from Agenus Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-09-30 | 38.69 | -147.18 | 37.40 | |
2018-06-30 | 29.24 | -150.89 | 36.25 | |
2018-03-31 | 17.56 | -157.94 | 34.90 | |
2017-12-31 | 42.88 | -120.90 | 33.74 | |
2017-09-30 | 40.10 | -111.99 | 32.63 | |
2017-06-30 | 41.19 | -115.92 | 32.68 | |
2017-03-31 | 43.57 | -112.52 | 31.66 | |
2016-12-31 | 22.57 | -127.20 | 33.13 | |
2016-09-30 | 24.64 | -116.68 | 32.92 | |
2016-06-30 | 27.04 | -89.03 | 31.22 | |
2016-03-31 | 26.82 | -101.12 | 32.11 | |
2015-12-31 | 24.82 | -88.08 | 28.37 | |
2015-09-30 | 18.80 | -98.46 | 24.95 | |
2015-06-30 | 13.51 | -93.44 | 23.46 | |
2015-03-31 | 10.21 | -61.07 | 21.57 | |
2014-12-31 | 6.98 | -42.69 | 21.25 | |
2014-09-30 | 5.75 | -22.49 | 19.58 | |
2014-06-30 | 4.92 | -21.70 | 18.24 | |
2014-03-31 | 2.66 | -24.80 | 16.76 | |
2013-12-31 | 3.05 | -33.23 | 14.48 | |
2013-09-30 | 3.74 | -33.04 | 13.76 | |
2013-06-30 | 3.88 | -31.60 | 12.77 | |
2013-03-31 | 3.70 | -27.53 | 11.48 | |
2012-12-31 | 15.96 | -12.12 | 11.47 | |
2012-09-30 | 15.51 | -12.70 | 11.53 | |
2012-06-30 | 15.30 | -12.50 | 11.51 | -5.64 |
2012-03-31 | 15.46 | -11.34 | 10.82 | -2.82 |
*GAAP earnings excluding extraordinary items.
How is Agenus's financial health and their level of debt?
All data from Agenus Company Filings, last reported 4 months ago.
Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-09-30 | -131.39 | 13.74 | 46.17 |
2018-06-30 | -113.09 | 13.74 | 43.16 |
2018-03-31 | -113.23 | 13.47 | 52.35 |
2017-12-31 | -75.82 | 163.65 | 60.19 |
2017-09-30 | -51.59 | 143.94 | 70.05 |
2017-06-30 | -17.48 | 139.14 | 96.77 |
2017-03-31 | 8.90 | 134.83 | 123.82 |
2016-12-31 | -39.13 | 130.69 | 76.44 |
2016-09-30 | -21.04 | 126.41 | 95.40 |
2016-06-30 | 16.88 | 122.27 | 123.29 |
2016-03-31 | 44.45 | 118.31 | 148.23 |
2015-12-31 | 70.73 | 114.47 | 171.67 |
2015-09-30 | 76.98 | 110.70 | 199.13 |
2015-06-30 | 87.19 | 11.43 | 139.64 |
2015-03-31 | 46.26 | 11.50 | 79.30 |
2014-12-31 | 23.02 | 6.03 | 40.22 |
2014-09-30 | 48.87 | 6.72 | 52.91 |
2014-06-30 | 57.63 | 7.43 | 62.82 |
2014-03-31 | 63.29 | 9.36 | 73.49 |
2013-12-31 | -4.48 | 8.87 | 27.35 |
2013-09-30 | -2.88 | 9.33 | 30.20 |
2013-06-30 | -17.26 | 9.23 | 13.44 |
2013-03-31 | -22.68 | 36.35 | 17.21 |
2012-12-31 | -17.60 | 35.92 | 21.47 |
2012-09-30 | -13.16 | 35.51 | 24.76 |
2012-06-30 | -11.36 | 35.20 | 25.46 |
2012-03-31 | -10.63 | 33.30 | 24.59 |
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
What is Agenus's current dividend yield, its reliability and sustainability?
Data Point | Source | Value |
---|---|---|
Past Annualized Dividend Yield | S&P Global Market Data | See Below |
Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
Future Dividends per Share Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
Global Biotechs Industry Average Dividend Yield | Market Cap Weighted Average of 21 Stocks | 2.4% |
United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1997 Stocks | 2.5% |
United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
---|---|---|
2023-12-31 | ||
2022-12-31 | ||
2021-12-31 | ||
2020-12-31 | ||
2019-12-31 | ||
2018-12-31 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Dr. Garo H. Armen, Ph.D., founded Agenus Inc. in 1994 and has been its Chief Executive Officer since 1994. Dr. Armen serves as an Executive Chairman of Agenus Inc. He has been an Executive Director of Agenus Inc. since 1999. He served as the President of Antigenics since January 2002. Prior to Agenus Inc., he established Armen Partners, a money management firm specializing in biotechnology and pharmaceutical companies and was the architect of the widely publicized creation of the Immunex Lederle oncology business in 1993. Since 1990, Dr. Armen served as the Managing General Partner of Armen Partners, LP, an investment partnership specializing in public and private healthcare and biotechnology investments. He previously served as Senior Vice President of Research for Dean Witter Reynolds, Research Division, focusing on the chemical and pharmaceutical industries and with E.F. Hutton & Company as first Vice President of research. He serves as the Chairman of Protagenic Therapeutics Inc. and Elan Drug Delivery Inc. Dr. Armen served as Chairman of Elan Corporation, plc from July 2002 to January 2005. He has been a Director of Philips Solid-State Lighting Solutions, Inc. (formerly, Color Kinetics Inc.) since 1998. He serves as a Director of ScrollMotion, Inc. He served as a Non Executive Director of Elan Corporation, plc from February 1994 to May 2006. He has served as an Associate Professor at the Merchant Marine Academy and as a Research Associate at the Brookhaven National Laboratory. In 2002, he founded the Children of Armenia Fund and serves as its Chairman. He received the Ellis Island Medal of Honor in 2004 for his humanitarian efforts and received the Sabin Humanitarian Award from the Sabin Vaccine Institute in 2006 for his achievements in biotechnology and progressing medical research. He was also the Ernst & Young 2002 New York City Biotechnology Entrepreneur of the Year and received a Wings of Hope Award in 2005 from The Melanoma Research Foundation for his ongoing commitment to the melanoma community. Dr. Armen received his Ph.D. in Physical Organic Chemistry from the City University of New York in 1979.
Average tenure and age of the Agenus management team in years:
Average tenure and age of the Agenus board of directors in years:
Based on Agenus Inc's (NASDAQ:AGEN) earnings update in March 2018,. … with profits predicted to drop by -10.22% next year … compared to its 5-year track record of the average earnings growth rate of -33.80%, this is still an improvement.
Simply Wall St - – Full articleToday I will assess AGEN's recent performance announced on 30 September 2017 and compare these figures to its historical trend and industry movements. … See our latest analysis for Agenus How Did AGEN's Recent Performance Stack Up Against Its Past? … I look at the ‘latest twelve-month’ data, which annualizes the latest 6-month earnings release, or some times, the latest annual report is already the most recent financial data.
Simply Wall St - – Full articleNasdaqCM:AGEN Past Future Earnings Nov 18th 17 Is AGEN's CEO overpaid relative to the market? … Typically I'd use market cap and profit as factors determining performance, however, AGEN's negative earnings lower the effectiveness of this method. … Although remuneration can be a useful gauge of whether Armen's incentives are well-aligned with AGEN's shareholders, it is certainly not sufficient to base your investment decision solely on this factor.
Simply Wall St - – Full article
Agenus Inc., a clinical-stage immuno-oncology company, focuses on the discovery and development of therapies that engage the body's immune system to fight cancer. The company offers Retrocyte Display, an antibody discovery platform for the identification of fully-human and humanized monoclonal antibodies; SECANT yeast display, an antibody discovery platform used for the generation of novel monoclonal antibodies; and phage display technologies. It is also developing checkpoint modulating antibody candidates targeting GITR, OX40, TIM-3, LAG-3, and others. In addition, the company develops vaccine programs, including Prophage cancer vaccine candidate; AutoSynVax, a synthetic neo-antigen; and PhosPhoSynVax, a vaccine candidate designed to induce immunity against a class of tumor specific neo-epitopes. Further, it develops QS-21 Stimulon adjuvant, a saponin-based vaccine adjuvant. Additionally, the company engages in the development of CTLA-4 and PD-1 antagonists; and anti-CTLA-4, CD137, and anti-TIGIT antibodies, as well as various multi-specific antibodies that are under various stages of development. Agenus Inc. has collaboration agreements with Incyte Corporation, Merck Sharpe & Dohme, and Recepta Biopharma SA.; collaboration with Gilead Sciences, Inc. to develop immuno-oncology therapies; and partnership with Phyton Biotech. The company was formerly known as Antigenics Inc. and changed its name to Agenus Inc. in January 2011. Agenus Inc. was founded in 1994 and is headquartered in Lexington, Massachusetts.
Name: | Agenus Inc. |
AGEN | |
Exchange: | NasdaqCM |
Founded: | 1994 |
$473,249,614 | |
131,094,076 | |
Website: | http://agenusbio.com |
Address: |
Agenus Inc. 3 Forbes Road, Lexington, Massachusetts, 02421, United States |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
NasdaqCM | AGEN | Common Stock | Nasdaq Capital Market | US | USD | 04. Feb 2000 | |
DB | AJ81 | Common Stock | Deutsche Boerse AG | DE | EUR | 04. Feb 2000 |
Biotechnology | |
Pharmaceuticals & Biotech |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/13 23:35 |
End of day share price update: | 2019/02/13 00:00 |
Last estimates confirmation: | 2019/01/29 |
Last earnings filing: | 2018/11/07 |
Last earnings reported: | 2018/09/30 |
Last annual earnings reported: | 2017/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.