argenex (NASDAQ:ARGX) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded argenex from “Buy” to “Hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $1,158.61.
• Several major brokerages remain bullish, with price targets ranging from $1,037 to $1,415; UBS notably upgraded the stock to “Buy” and raised its target to $1,400.
• argenex reported quarterly earnings of $7.32 per share and revenue of $1.54 billion, surpassing analyst expectations. Institutional investors own approximately 60.32% of the company’s stock.

argenex (NASDAQ:ARGX - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

A number of other brokerages have also recently weighed in on ARGX. Morgan Stanley lifted their price objective on argenex from $1,230.00 to $1,250.00 and gave the company an "overweight" rating in a research note on Monday, August 31st. Guggenheim initiated coverage on argenex in a report on Tuesday, August 4th. They set a "buy" rating and a $1,185.00 price target for the company. UBS Group raised argenex from a "neutral" rating to a "buy" rating and raised their target price for the stock from $960.00 to $1,400.00 in a research report on Wednesday, August 26th. Wells Fargo & Company upped their price target on argenex from $1,350.00 to $1,415.00 and gave the company an "overweight" rating in a report on Wednesday, August 26th. Finally, Oppenheimer upped their price objective on shares of argenex from $1,014.00 to $1,037.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, argenex currently has an average rating of "Moderate Buy" and a consensus target price of $1,158.61.

argenex Stock Performance

Shares of argenex stock opened at $990.32 on Friday. The stock has a 50 day moving average of $942.14 and a 200 day moving average of $853.55. The firm has a market capitalization of $61.95 billion, a price-to-earnings ratio of 38.03, a PEG ratio of 1.03 and a beta of 0.47. argenex has a fifty-two week low of $661.85 and a fifty-two week high of $1,072.75.

argenex (NASDAQ:ARGX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The company reported $7.32 earnings per share for the quarter, topping analysts' consensus estimates of $5.86 by $1.46. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.45 billion. argenex had a net margin of 32.19% and a return on equity of 43.59%. Analysts forecast that argenex will post 29.13 EPS for the current year.

Institutional Trading of argenex

Several hedge funds and other institutional investors have recently made changes to their positions in ARGX. Whipplewood Advisors LLC purchased a new stake in argenex during the first quarter worth $28,000. Eastern Bank purchased a new stake in shares of argenex during the second quarter worth about $32,000. Axiom Investment Management LLC acquired a new position in argenex in the 1st quarter valued at $50,000. WPG Advisers LLC lifted its position in argenex by 17.8% during the first quarter. WPG Advisers LLC now owns 86 shares of the company's stock worth $63,000 after buying an additional 13 shares during the period. Finally, TD Private Client Wealth LLC boosted its stake in argenex by 29.4% in the 4th quarter. TD Private Client Wealth LLC now owns 110 shares of the company's stock worth $93,000 after buying an additional 25 shares during the last quarter. Institutional investors and hedge funds own 60.32% of the company's stock.

argenex Company Profile

argenx SE is a global biopharmaceutical company focused on developing and commercializing antibody-based medicines for patients with severe autoimmune diseases. The company's research is centered on its antibody engineering technologies, including the SIMPLE Antibody platform and NHance technology, which are designed to identify and enhance therapeutic antibodies.

argenx's leading product is VYVGART (efgartigimod alfa), an antibody fragment that targets the neonatal Fc receptor, or FcRn, to reduce disease-causing immunoglobulin G antibodies.

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