Why Agenus Stock Tumbled Today

Shares of Agenus (NASDAQ: AGEN) were tumbling 4.9% lower as of 3:44 p.m. EDT on Thursday after falling as much as 7.5% earlier in the day. The consensus analysts' estimate was for a net loss in Q1 of $0.31 per share. Biotech stocks, in general, fell on Thursday, in part because of concerns about the potential impact of the Biden administration's support of waiving intellectual property rights for COVID-19 vaccines to increase the availability of the vaccines in poorer countries.