Why Is Agenus (AGEN) Stock Down 55% Today?

Core Insights - Agenus (NASDAQ:AGEN) stock is experiencing a significant decline following the results from a Phase 2 clinical trial for its colorectal cancer treatment, botensilimab and balstilimab [1] - The FDA advised against seeking Accelerated Approval for the treatment due to the lack of evidence that the objective response rates translate to survival benefits, which delays the development process [1] - The company remains committed to exploring all possible pathways to make the treatment available, including potential partnerships for a successful Phase 3 trial [2] Stock Movement - AGEN stock is down 54.5% as of Thursday morning, with heavy trading volume of approximately 5.2 million shares, significantly above the daily average of about 763,000 shares [3]