Agenus drops after brokerages cut rating; FDA blocks cancer therapy accelerated approval
** Shares of cancer therapy developer Agenus Inc AGEN.O fall 5.4% to $6.9 in premarket trade after falling as much as ~62% in previous session
** Co on Thursday said U.S. FDA advised against submission of mid-stage trial results of its colorectal cancer therapy for accelerated approval
** Said FDA views objective response rate of therapy may not translate to survival benefit
** Brokerages H.C. Wainwright and William Blair cut ratings on stock to "neutral" and "market perform", respectively
** "Given the unclear dose relationship observed in Phase 2 and that a Phase 3 would be required for approval, which likely puts a potential launch back by multiple year" - H.C. Wainwright
** William Blair says while therapy should be viewed as attractive asset for business development, lack of accelerated approval pathway and limited balance sheet may result in relinquishing greater long-term upside for AGEN
** Three brokerages rate the stock "buy" or higher and two "hold"; their median PT is $38.5 - LSEG
** As of last close, stock down 55.9% YTD while S&P 500 biotechnology index .SPLRCTKBI up 10.6% in same period
Reporting by Roshan Abraham
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