Why Agenus Inc. Stock Slumped Today

Shares of the cancer immunotherapy and vaccine company Agenus (NASDAQ: AGEN) fell by as much as 16.7% on nearly five times the average volume today, before ultimately ending the day down by only 5.1%. This sizable move lower was triggered by a $250 million mixed shelf offering that the company plans to use for general corporate purposes.

According to the accompanying prospectus, general corporate purposes may include "working capital, capital expenditures, repayment and refinancing of debt, research and development expenditures, clinical trial expenditures, acquisitions of additional companies or technologies and investments."

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Source: Fool.com