NEW YORK (TheStreet) -- Shares of Agenus (AGEN) are soaring 5.2% to $9.38 in Thursday's morning trading session after analysts at Oppenheimer initiated coverage of the company with an "outperform" rating and a price target of $14.
Agenus is an immunotherapy company that engages in discovering and developing treatments for patients with cancer and other diseases.
This action comes after the company announced last week that Merck & Co. (MRK) has extended its collaborative research term for the discovery and development of therapeutic antibodies to Merck proprietary immune checkpoints for the treatment of cancer.
"Uniquely, the company has an in-house toolkit of immuno-oncology checkpoint antibodies, anti-tumor vaccines and vaccine adjuvants," analysts said.
The firm added that the company has valuable partnerships with Incyte (INCY) and Merck offering potential access to IDO-inhibitors, anti-PD1 and other therapeutics molecules that may augment its full-spectrum immuno-oncology program.
Separately, TheStreet Ratings team rates AGENUS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate AGENUS INC (AGEN) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and feeble growth in its earnings per share."