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

Agenus (NASDAQ:AGEN) stock is falling hard on Thursday after the clinical-stage biotechnology company provided results from a Phase 2 clinical trial of botensilimab and balstilimab as a colorectal cancer treatment.Specfically, the company met with the Food and Drug Administration (FDA) to conduct an end-of-Phase 2 meeting. During that meeting, the FDA discouraged the company from seeking Accelerated Approval for the treatment.The FDA’s advice was due to the objective response rates from the study not necess ...