Antigenics Inc. (NASDAQ: AGEN)

Antigenics Inc. (AGEN) researches and develops drug therapies for the treatment of cancers and infectious diseases. The Company’s lead drug therapeutic, Oncophage ®, is an adjuvant for the treatment of kidney cancer, currently approved in Russia. Oncophage is a front line therapy for patients with intermediate risk for recurrence of the disease. Application for approval for earlier-stage renal cell carcinoma has been filed the European Medicines Agency (EMEA). The Company’s QS-21 is currently under development with partners for 15 clinical-stage vaccines. Four of these vaccines are in phase III clinical trials for the treatment of non-small cell lung cancer, melanoma and malaria. The Company also has two drug therapy products in phase I, including a liposomal platinum chemotherapeutic drug, called Aroplatin (TM), and a genital herpes vaccine.

Founded in 1994, the Company is headquartered in Lexington, Massachusetts.

Source: Reuters.com, SEC Filings.

Financial Summary

Source: Reuters.com, SEC Filings.

Analyst Consensus

One analyst polled by Thomson Reuters rates shares of AGEN a “Hold.”

Analyst Recommendations and Revisions

Source: Reuters.com, SEC Filings.

Investment Highlights

AGEN researches and develops drug therapies for the treatment of cancers and infectious diseases. The Company’s lead drug therapeutic, Oncophage ®, is an adjuvant for the treatment of kidney cancer, currently approved in Russia. Oncophage is a front-line therapy for patients with intermediate risk for recurrence of the disease. Application for approval for earlier-stage renal cell carcinoma has been filed with the European Medicines Agency (EMEA).

The Company’s QS-21 is currently under development with partners for 15 separate clinical-stage vaccines. Four of these vaccines are in phase III clinical trials for the treatment of non-small cell lung cancer, melanoma and malaria. The Company also has two drug therapy products in phase I, including a liposomal platinum chemotherapeutic drug, called Aroplatin (TM), and a genital herpes vaccine.

Since the founding of the Company, large losses have incurred due to research and development costs associated with Food and Drug Administration clinical trials and approvals and recent marketing efforts in Russia. To date, the Company’s accumulated loss has reached $564.4 million. Fundraising activities during this time period include equity and debt offerings, secured lines of credit, and interest earned on cash balances.

The Company stated in its latest 10-Q that working capital requirements appear to be adequate to fund operations though at least 2010, but likely well into 2011. Funds will be derived from anticipated revenue as well as licensing proceeds from collaborations and supply agreements.

In February 2009, the Company embarked on a restructuring initiative, resulting in 19 jobs cut from its payroll, or 20% of total positions at the Company. The focus turned from expanding research and development to a focus upon commercialization of its present achievements. As of the close of the third quarter ended September 30, the Company has paid a total of $167,000 in severance allocated for the anticipated downsizing of personnel.

In April 2008, the Russian version of the U.S. Food and Drug Administration (FDA), the Russian Ministry of Public Health, approved the company’s lead drug Oncophage as a sanctioned drug therapy for the treatment of kidney cancer for patients deemed to be at intermediate risk for kidney cancer recurrence. Since the approval from the Russian authorities, the Company has focused its efforts on commercialization of Oncophage in Russia.

In October 2008, the Company said it had submitted a marketing authorization application (MAA) to the European Medicines Agency (EMEA) for approval to market Oncophage in Europe for earlier-stage kidney cancer. The Company reported on October 20 that the EMEA is expected to reject its initial application at this time. Further options are under discussion at the Company to ascertain its best next step in the European market.

Recent Company News

The Company announced on December 31 that it had received a letter from the NASDAQ notifying the Company that it is dangerously close to being de-listed from the NASDAQ. The letter from the Listing Qualifications Staff at the NASDAQ stated that because the Company’s share price has slipped below one dollar for 30 consecutive business days the Company may fail to qualify to be listed on the NASDAQ. Per NASDAQ Marketplace Rule 5810(c)(3)(A), the Company is granted 180 calendar days to regain compliance with NASDAQ listing requirements. As of January 13, the shares of the Company trade above $1.

Technical Analysis

Source: http://stockcharts.com/h-sc/ui?s=AGEN

AGEN trades above its 13-day moving average. This bullish sign is significant because the 13-day moving average has recently turned upwardly.

The MACD for AGEN currently indicates a bullish signal. The MACD is slightly below the signal line, a 9-day moving average of the MACD. The MACD is below the critical level of 0, which implies the past price action had been negative. Overall, the chart is bullish.

Comparative Analysis

Source: Thomson Financial

Insider Trading Activity

Source: Yahoo Finance

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