Shares of Agenus (NASDAQ: AGEN) fell as much as 14.1% today after an update from the pipeline underwhelmed investors. The development-stage biopharmaceutical company announced positive interim data from a combination therapy of balstilimab (AGEN2034) and zalifrelimab (AGEN1884) as a second-line treatment for cervical cancer. The results were from 34 evaluable individuals.
In the ongoing study, the drug combo achieved an objective response rate (ORR) of 20.6%, which means over 20% of individuals had a response to treatment. Agenus also reported a complete response rate (CRR) of 8.8%, which means nearly 9% of individuals had no evidence of disease after treatment.
The results are impressive, but they might not be impressive enough. As of 3:28 p.m. EST, the pharma stock had settled to a 12.8% loss.