MLV Initiates Coverage On Agenus

MLV is out with a research report on Agenus Inc. (NASDAQ: AGEN) and is initiating coverage with a Buy rating and a $2.50 price target on shares.

In a note to clients, MLV writes, "We consider Agenus' big Pharma partnerships for the development of its QS-21 adjuvant for multiple vaccines as independent validation of the product. With several vaccines nearing NDA filing, we believe Agenus could begin collecting substantial royalties as early as 2013 or 2014. MLV is initiating coverage on Agenus Inc. with a BUY rating and a one year price target of $2.50."