Why Is Agenus (AGEN) Down 9.6% Since Last Earnings Report?

A month has gone by since the last earnings report for Agenus (AGEN). Shares have lost about 9.6% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Agenus due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Agenus Inc. before we dive into how investors and analysts have reacted as of late.

Q1 Earnings & Sales Miss Estimates

Agenus reported first-quarter 2026 earnings of $1.02 per share, missing the Zacks Consensus Estimate of $2.10. A year ago, the company reported a loss of $1.03.

The quarter’s revenues totaled $33.7 million, which missed the consensus mark of $129.5 million. The figure, however, rose 40% year over year, supported by BOT+BAL activity through authorized access pathways.

Revenue Mix Reflects Royalty and Early-Access Activity

In the first quarter, Agenus posted pre-commercial product revenues of $4.6 million, representing realized income from BOT+BAL provided to hospitals and treating physicians under regulatory-authorized early access pathways, including France’s AAC framework and paid named-patient programs where permitted.

Non-cash royalty revenues were $29.1 million compared with $23.6 million in the year-ago quarter.

The company reported operating income of $15.1 million and net income of $39.2 million in the quarter.

Cash Position

Cash and cash equivalents totaled $35 million at March 31, 2026 compared with $3 million in the previous quarter. After quarter-end, Agenus received an additional $11.7 million in net proceeds from sales of common stock under its at-the-market offering program, and it also expects to collect outstanding receivables tied to authorized early access programs during the second quarter.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates have trended upward during the past month.

The consensus estimate has shifted 118.75% due to these changes.

VGM Scores

Currently, Agenus has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Agenus has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Agenus belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Royalty Pharma (RPRX), has gained 7.6% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Royalty Pharma reported revenues of $925 million in the last reported quarter, representing a year-over-year change of +10.3%. EPS of $1.30 for the same period compares with $1.06 a year ago.

For the current quarter, Royalty Pharma is expected to post earnings of $1.27 per share, indicating a change of +11.4% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

Royalty Pharma has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

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This article originally published on Zacks Investment Research (zacks.com).

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