Intrinsic value of Agenus - AGEN

Previous Close

$4.71

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-56%

Previous close

$4.71

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-56%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AGEN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -8.00
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  62
  65
  69
  72
  75
Variable operating expenses, $m
 
  100
  102
  105
  108
  111
  114
  118
  122
  127
  132
  134
  140
  146
  152
  158
  165
  173
  180
  189
  197
  206
  216
  226
  237
  248
  260
  273
  286
  300
  314
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  130
  100
  102
  105
  108
  111
  114
  118
  122
  127
  132
  134
  140
  146
  152
  158
  165
  173
  180
  189
  197
  206
  216
  226
  237
  248
  260
  273
  286
  300
  314
Operating income, $m
  -107
  -76
  -78
  -80
  -82
  -85
  -87
  -90
  -93
  -97
  -100
  -102
  -106
  -111
  -115
  -120
  -126
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -207
  -217
  -228
  -239
EBITDA, $m
  -102
  -71
  -73
  -75
  -77
  -79
  -82
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -126
  -131
  -137
  -143
  -150
  -157
  -165
  -172
  -181
  -189
  -198
  -208
  -218
  -228
Interest expense (income), $m
  1
  5
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
Earnings before tax, $m
  -127
  -81
  -78
  -81
  -83
  -85
  -88
  -91
  -94
  -98
  -102
  -103
  -108
  -112
  -117
  -122
  -128
  -133
  -139
  -146
  -153
  -160
  -167
  -175
  -184
  -193
  -202
  -212
  -222
  -233
  -245
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -127
  -81
  -78
  -81
  -83
  -85
  -88
  -91
  -94
  -98
  -102
  -103
  -108
  -112
  -117
  -122
  -128
  -133
  -139
  -146
  -153
  -160
  -167
  -175
  -184
  -193
  -202
  -212
  -222
  -233
  -245

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  76
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  157
  83
  85
  87
  89
  92
  95
  98
  102
  105
  109
  114
  118
  123
  128
  134
  140
  146
  153
  159
  167
  175
  183
  191
  200
  210
  220
  231
  242
  253
  266
Adjusted assets (=assets-cash), $m
  81
  83
  85
  87
  89
  92
  95
  98
  102
  105
  109
  114
  118
  123
  128
  134
  140
  146
  153
  159
  167
  175
  183
  191
  200
  210
  220
  231
  242
  253
  266
Revenue / Adjusted assets
  0.284
  0.277
  0.282
  0.287
  0.281
  0.283
  0.284
  0.286
  0.284
  0.286
  0.284
  0.281
  0.288
  0.285
  0.281
  0.284
  0.286
  0.281
  0.281
  0.283
  0.281
  0.286
  0.284
  0.283
  0.285
  0.286
  0.282
  0.281
  0.285
  0.285
  0.282
Average production assets, $m
  39
  39
  40
  41
  42
  44
  45
  47
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  73
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
Working capital, $m
  50
  -27
  -27
  -28
  -29
  -29
  -30
  -31
  -33
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -85
Total debt, $m
  131
  9
  11
  13
  15
  18
  20
  23
  26
  30
  33
  37
  41
  46
  51
  56
  61
  66
  72
  79
  85
  92
  99
  107
  115
  124
  133
  142
  152
  163
  174
Total liabilities, $m
  196
  74
  76
  78
  80
  83
  85
  88
  91
  95
  98
  102
  106
  111
  116
  121
  126
  131
  137
  144
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
  239
Total equity, $m
  -39
  8
  8
  9
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Total liabilities and equity, $m
  157
  82
  84
  87
  89
  92
  94
  98
  101
  106
  109
  113
  118
  123
  129
  134
  140
  146
  152
  160
  167
  174
  182
  191
  200
  210
  220
  230
  241
  253
  266
Debt-to-equity ratio
  -3.359
  1.130
  1.310
  1.500
  1.710
  1.920
  2.140
  2.370
  2.600
  2.830
  3.050
  3.280
  3.500
  3.720
  3.940
  4.150
  4.350
  4.550
  4.740
  4.920
  5.100
  5.280
  5.440
  5.600
  5.760
  5.900
  6.040
  6.180
  6.310
  6.430
  6.550
Adjusted equity ratio
  -1.420
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -127
  -81
  -78
  -81
  -83
  -85
  -88
  -91
  -94
  -98
  -102
  -103
  -108
  -112
  -117
  -122
  -128
  -133
  -139
  -146
  -153
  -160
  -167
  -175
  -184
  -193
  -202
  -212
  -222
  -233
  -245
Depreciation, amort., depletion, $m
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  6
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
Funds from operations, $m
  -70
  -76
  -73
  -75
  -77
  -79
  -82
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -185
  -193
  -203
  -213
  -223
  -234
Change in working capital, $m
  10
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from operations, $m
  -80
  -75
  -72
  -74
  -76
  -79
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -126
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -200
  -209
  -219
  -230
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
New CAPEX, $m
  -13
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from investing activities, $m
  18
  -4
  -4
  -4
  -4
  -4
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -11
  -11
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
Free cash flow, $m
  -62
  -79
  -77
  -79
  -81
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -168
  -176
  -185
  -194
  -203
  -213
  -223
  -234
  -246
Issuance/(repayment) of debt, $m
  0
  -122
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
Issuance/(repurchase) of shares, $m
  3
  204
  79
  81
  83
  86
  88
  91
  95
  98
  102
  104
  108
  113
  118
  123
  128
  134
  140
  147
  153
  161
  168
  176
  185
  194
  203
  213
  223
  234
  246
Cash from financing (excl. dividends), $m  
  -2
  82
  81
  83
  85
  88
  91
  94
  98
  101
  106
  108
  112
  117
  123
  128
  133
  140
  146
  153
  160
  168
  175
  184
  193
  203
  212
  223
  233
  245
  257
Total cash flow (excl. dividends), $m
  -65
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
Retained Cash Flow (-), $m
  110
  -204
  -79
  -81
  -83
  -86
  -88
  -91
  -95
  -98
  -102
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -147
  -153
  -161
  -168
  -176
  -185
  -194
  -203
  -213
  -223
  -234
  -246
Prev. year cash balance distribution, $m
 
  76
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -125
  -75
  -77
  -79
  -81
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -204
  -213
  -224
  -235
Discount rate, %
 
  10.90
  11.45
  12.02
  12.62
  13.25
  13.91
  14.61
  15.34
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.66
  23.79
  24.98
  26.23
  27.54
  28.92
  30.37
  31.89
  33.48
  35.15
  36.91
  38.76
  40.69
  42.73
  44.87
PV of cash for distribution, $m
 
  -112
  -60
  -54
  -49
  -43
  -38
  -33
  -29
  -24
  -20
  -17
  -13
  -11
  -8
  -6
  -5
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  4.8
  0.5
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Agenus Inc. (Agenus) is an immuno-oncology (I-O) company. The Company focuses on the discovery and development of therapies that engage the body's immune system to fight cancer. It is developing a I-O portfolio driven by platforms and programs, such as antibody discovery platforms, including Retrocyte Display, SECANT yeast display and phage display technologies designed to produce human antibodies; antibody candidate programs, including checkpoint modulator (CPM) programs; vaccine programs, including Prophage, AutoSynVax and PhosPhoSynVax, and saponin-based vaccine adjuvants, principally QS-21 Stimulon adjuvant (QS-21 Stimulon). The Company's discovery pipeline includes a range of checkpoint modulating (CPM) antibodies. The Company's vaccine platforms include its heat shock protein (HSP)-based Prophage vaccine candidates, and its synthetic vaccine candidates, ASV and PSV.

FINANCIAL RATIOS  of  Agenus (AGEN)

Valuation Ratios
P/E Ratio -3.3
Price to Sales 18
Price to Book -10.6
Price to Tangible Book
Price to Cash Flow -5.2
Price to Free Cash Flow -4.4
Growth Rates
Sales Growth Rate -8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 225%
Cap. Spend. - 3 Yr. Gr. Rate 67%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -335.9%
Total Debt to Equity -335.9%
Interest Coverage -126
Management Effectiveness
Return On Assets -63.2%
Ret/ On Assets - 3 Yr. Avg. -64.2%
Return On Total Capital -91.7%
Ret/ On T. Cap. - 3 Yr. Avg. -140.3%
Return On Equity -793.8%
Return On Equity - 3 Yr. Avg. -474.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 66.7%
EBITDA Margin -526.1%
EBITDA Margin - 3 Yr. Avg. -481.1%
Operating Margin -465.2%
Oper. Margin - 3 Yr. Avg. -467.8%
Pre-Tax Margin -552.2%
Pre-Tax Margin - 3 Yr. Avg. -508.1%
Net Profit Margin -552.2%
Net Profit Margin - 3 Yr. Avg. -501.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.8%
Payout Ratio 0%

AGEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGEN stock intrinsic value calculation we used $23 million for the last fiscal year's total revenue generated by Agenus. The default revenue input number comes from 2016 income statement of Agenus. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AGEN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.9%, whose default value for AGEN is calculated based on our internal credit rating of Agenus, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Agenus.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AGEN stock the variable cost ratio is equal to 426.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AGEN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Agenus.

Corporate tax rate of 27% is the nominal tax rate for Agenus. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AGEN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AGEN are equal to 167.4%.

Life of production assets of 12.2 years is the average useful life of capital assets used in Agenus operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AGEN is equal to -113%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-39 million for Agenus - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 85.592 million for Agenus is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Agenus at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to Agenus, Inc. : September 28, 2017   [Sep-28-17 10:08AM  Capital Cube]
▶ ETFs with exposure to Agenus, Inc. : September 12, 2017   [Sep-11-17 08:03PM  Capital Cube]
▶ ETFs with exposure to Agenus, Inc. : August 31, 2017   [Aug-31-17 05:06PM  Capital Cube]
▶ 3 Top Biotech Stocks Under $5   [Aug-19-17 03:21PM  Motley Fool]
▶ 3 Beaten-Up Biotech Stocks: Are They Bargains?   [Aug-14-17 09:37AM  Motley Fool]
▶ Here's Why Agenus Inc. Stock Slipped 13.6% in July   [Aug-04-17 05:51PM  Motley Fool]
▶ Agenus reports 2Q loss   [12:40AM  Associated Press]
▶ Did the Checkpoint Inhibitor Bubble Just Burst?   [Jul-27-17 01:26PM  Motley Fool]
▶ New Strong Buy Stocks for July 20th   [Jul-20-17 10:46AM  Zacks]
▶ 3 Stocks That Are Ridiculously Cheap Right Now   [Jul-16-17 08:18PM  Motley Fool]
▶ Better Buy: Agenus Inc. vs. Kite Pharma   [Jul-02-17 07:42AM  Motley Fool]
▶ 3 Stocks With Exelixis-Like Return Potential   [Jun-05-17 04:29PM  Motley Fool]
▶ ETFs with exposure to Agenus, Inc. : May 22, 2017   [May-22-17 01:19PM  Capital Cube]
▶ Better Buy: Celldex Therapeutics, Inc. vs. Agenus Inc.   [May-21-17 06:41AM  Motley Fool]
▶ ETFs with exposure to Agenus, Inc. : May 11, 2017   [May-11-17 04:02PM  Capital Cube]
▶ Agenus, Inc. Value Analysis (NASDAQ:AGEN) : May 8, 2017   [May-08-17 05:37PM  Capital Cube]
▶ Here's Why Agenus Inc. Stock Is Climbing Today   [May-04-17 04:22PM  Motley Fool]
▶ Agenus reports 1Q loss   [09:01AM  Associated Press]
▶ First malaria vaccine to be tested in Africa, with boost from Lexington's Agenus   [Apr-24-17 12:30PM  American City Business Journals]
▶ ETFs with exposure to Agenus, Inc. : April 10, 2017   [Apr-10-17 01:40PM  Capital Cube]
▶ ETFs with exposure to Agenus, Inc. : March 27, 2017   [Mar-27-17 03:47PM  Capital Cube]
▶ Better Buy: Agenus Inc. vs. Celldex Therapeutics   [Mar-10-17 02:42PM  at Motley Fool]
Financial statements of AGEN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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