ImageneBio (NASDAQ:IMA – Get Free Report) and Agenus (NASDAQ:AGEN – Get Free Report) are both small-cap healthcare companies, but which is the better investment? We will compare the two businesses based on the strength of their risk, valuation, institutional ownership, analyst recommendations, earnings, profitability and dividends.
Profitability
This table compares ImageneBio and Agenus’ net margins, return on equity and return on assets.
| Net Margins | Return on Equity | Return on Assets | |
| ImageneBio | N/A | -38.99% | -34.84% |
| Agenus | 69.33% | -47.68% | 57.73% |
Risk and Volatility
ImageneBio has a beta of 0.74, suggesting that its stock price is 26% less volatile than the S&P 500. Comparatively, Agenus has a beta of 1.31, suggesting that its stock price is 31% more volatile than the S&P 500.
Analyst Recommendations
| Sell Ratings | Hold Ratings | Buy Ratings | Strong Buy Ratings | Rating Score | |
| ImageneBio | 2 | 0 | 1 | 1 | 2.25 |
| Agenus | 1 | 1 | 4 | 0 | 2.50 |
ImageneBio currently has a consensus target price of $29.00, suggesting a potential upside of 580.75%. Agenus has a consensus target price of $24.50, suggesting a potential upside of 224.93%. Given ImageneBio’s higher probable upside, equities analysts clearly believe ImageneBio is more favorable than Agenus.
Earnings & Valuation
This table compares ImageneBio and Agenus”s gross revenue, earnings per share (EPS) and valuation.
| Gross Revenue | Price/Sales Ratio | Net Income | Earnings Per Share | Price/Earnings Ratio | |
| ImageneBio | $800,000.00 | 60.44 | -$45.35 million | ($4.58) | -0.93 |
| Agenus | $114.20 million | 2.98 | $120,000.00 | $2.58 | 2.92 |
Agenus has higher revenue and earnings than ImageneBio. ImageneBio is trading at a lower price-to-earnings ratio than Agenus, indicating that it is currently the more affordable of the two stocks.
Institutional & Insider Ownership
75.0% of ImageneBio shares are held by institutional investors. Comparatively, 61.5% of Agenus shares are held by institutional investors. 2.2% of ImageneBio shares are held by insiders. Comparatively, 6.5% of Agenus shares are held by insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a stock will outperform the market over the long term.
Summary
Agenus beats ImageneBio on 10 of the 15 factors compared between the two stocks.
About ImageneBio
ImageneBio, Inc., a clinical-stage biotechnology company, develops therapeutics for immunological and inflammatory diseases. Its lead product includes IMG-007, a non-depleting anti-OX40 mAb that has completed Phase 2a clinical trials for the treatment of atopic dermatitis and alopecia areata. The company was formerly known as Ikena Oncology, Inc. and changed its name to ImageneBio, Inc. in July 2025. ImageneBio, Inc. is headquartered in San Diego, California.
About Agenus
Agenus Inc., a clinical-stage biotechnology company, discovers and develops immuno-oncology products in the United States and internationally. The company offers Retrocyte Display, an antibody expression platform for the identification of fully human and humanized monoclonal antibodies; and display technologies. It develops QS-21 Stimulon adjuvant, a saponin-based vaccine adjuvant. The company also develops Balstilimab, an anti-PD-1 antagonist that has completed Phase II clinical trial to treat second line cervical cancer; AGEN1181, an antigen 4 (CTLA-4) blocking antibody that is in Phase 2 clinical trial for the treatment of pancreatic cancer and and melanoma; AGEN2373, a CD137 monospecific antibody that is in Phase 1b clinical trial; AGEN1423, a CD73/TGFß TRAP antibody; AGEN1571, an ILT2 monospecific antibody that is in Phase 1 clinical trial; and BMS-986442, a TIGIT bispecific antibodies. In addition, it develops INCAGN1876, a GITR agonist; INCAGN2390, a TIM-3 monospecific antibody; INCAGN2385, a LAG-3 monospecific antibody; MK-4830, a monospecific antibody targeting ILT4 that is in Phase 2 clinical trial; UGN-301, a zalifrelimab intravesical solution for the treatment of cancers of the urinary tract that is in a Phase 1 clinical trial; and AGEN1884, a first-generation anti-CTLA-4 monospecific antibody. The company operates under Agenus, MiNK, Prophage, Retrocyte Display, and Stimulon trademarks. It has collaborations with Bristol-Myers Squibb Company, Betta Pharmaceuticals Co., Ltd., Incyte Corporation, Merck Sharpe & Dohme, and Gilead Sciences, Inc. The company was formerly known as Antigenics Inc. and changed its name to Agenus Inc. in January 2011. Agenus Inc. was founded in 1994 and is headquartered in Lexington, Massachusetts.
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