AGEN
Agenus Inc.
AGEN offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has a slight edge over AGEN overall, supported by lower modeled downside.
AGEN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Weak | |
| Strong |
AGEN's revenue, profitability and balance sheet are currently healthy, but its cash flow is weak.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
AGEN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.1x | $1.52 | -78% |
| Fair | 3.1x | $2.20 | -68% |
| Current | 9.7x | $6.87 | — |
| Expensive | 15x | $10.89 | +58% |
Historical ranges are pointers, not guarantees.
AGEN's PE is 9.7x, but its earnings don't support one, so it isn't a reliable read right now.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over AGEN in the historical PE scenario, which offers more potential upside but is not a forecast.
AGEN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Turning to a loss | |
| Strong decline | |
| -- | |
| Limited | |
| High |
Analysts expect AGEN's earnings and revenue to decline, though with profitability holding steady.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
AGEN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.71 | +$2.75 |
| Q2 2026 | $2.63 | +$9.69 |
| Q1 2026 | $1.64 | +$10.22 |
| Q4 2025 | -$0.41 | +$10.18 |
| Q3 2022 | -$14.52 | -$12.16 |
| Q2 2022 | $3.34 | +$25.32 |
| Q1 2022 | -$0.59 | +$19.63 |
| Q4 2021 | -$2.16 | +$18.84 |
AGEN has returned to profit: it earned $0.71 per share over the past year, after losing money the year before.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over AGEN on earnings, with more consistent year-over-year improvement.
AGEN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $31.5M | +4.1% |
| Q2 2026 | $34.5M | +34% |
| Q1 2026 | $33.7M | +40% |
| Q4 2025 | $34.2M | +27% |
| Q3 2025 | $30.2M | +20% |
| Q2 2025 | $25.7M | +9.3% |
| Q1 2025 | $24.1M | -14% |
| Q4 2024 | $26.8M | -68% |
AGEN's revenue has grown year over year for six quarters in a row: $31M last quarter, up 4.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 36% | +51 points |
| Q2 2026 | 33% | +98 points |
| Q1 2026 | 45% | +100 points |
| Q4 2025 | 42% | +139 points |
| Q3 2025 | -15% | +110 points |
| Q2 2025 | -65% | +63 points |
| Q1 2025 | -55% | +62 points |
| Q4 2024 | -96% | -92 points |
AGEN has the edge over NVO on profitability, with a higher operating margin.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over AGEN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
AGEN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$20.1M | -$5.4M |
| Q2 2026 | -$31.2M | -$11M |
| Q1 2026 | -$36M | -$10.3M |
| Q4 2025 | -$16.6M | +$12.1M |
| Q3 2025 | -$14.7M | +$38.6M |
| Q2 2025 | -$20.2M | +$18.4M |
| Q1 2025 | -$25.6M | +$12.6M |
| Q4 2024 | -$28.7M | +$11.9M |
AGEN has burned cash in almost every quarter: −$104M over the past year, against −$89M the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over AGEN on cash generation, producing positive trailing cash flow while its opponent burns cash.
AGEN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +101% | +41.9M shares |
| 1 year | +196% | +55.2M shares |
| 3 years | +795% | +74M shares |
AGEN has 83M diluted shares, up 196% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | $42,000 |
| Q3 2023 | $328,000 |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over AGEN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
AGEN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | -0.3x | Net Cash |
| Q2 2022 | -3.6x | Net Cash |
| Q1 2022 | -6.1x | Net Cash |
| Q4 2021 | -8.6x | Net Cash |
| Q3 2021 | -3.7x | Net Cash |
AGEN has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
AGEN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.3 | Neutral |
| Stochastic | 22.9 | Neutral |
AGEN's weekly RSI is 54 (neutral) and its Stochastic is 23 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
AGEN PE vs Healthcare Sector
| Metric | AGEN | Sector median | Relative |
|---|---|---|---|
| PE | 9.7x | 26x | 62% below |
| PE % | 64 | 29 | 35 pts above |
AGEN has the edge over NVO on valuation relative to its sector.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
AGEN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.22 | 4.8% below |
| 20 week MA | $6.81 | 0.9% above |
| 50 week MA | $4.78 | 44% above |
| 100 week MA | $4.30 | 60% above |
| 200 week MA | $11.7 | 41% below |
AGEN has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
AGEN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $82.8 | $67.7 | -18% |
| 2021 | $67.7 | $71.6 | +5.8% |
| 2022 | $71.6 | $49.1 | -32% |
| 2023 | $49.1 | $16.6 | -66% |
| 2024 | $16.6 | $2.75 | -83% |
| 2025 | $2.75 | $3.31 | +20% |
| 2026 YTD | $3.31 | $6.87 | +108% |
AGEN has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.