argenex (NASDAQ:ARGX) Price Target Cut to $1,130.00 by Analysts at Morgan Stanley

Key Points

• Morgan Stanley cut its price target on argenx to $1,130 from $1,190 but maintained an “overweight” rating; the new target implies 16.21% upside from the price cited in the report.
• Analyst sentiment remains broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $1,155.24, with 21 Buy and one Strong Buy ratings among 28 analysts.
• argenx reported quarterly EPS of $7.80, beating the $7.44 consensus estimate, and revenue of $1.75 billion. Shares fell 0.9% on Friday to $972.42.

argenex (NASDAQ:ARGX - Get Free Report) had its price objective dropped by stock analysts at Morgan Stanley from $1,190.00 to $1,130.00 in a report released on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's target price indicates a potential upside of 16.21% from the company's current price.

ARGX has been the topic of several other reports. Jefferies Financial Group restated a "buy" rating on shares of argenex in a research report on Monday, September 14th. Wells Fargo & Company reduced their price target on shares of argenex from $1,356.00 to $1,336.00 and set an "overweight" rating for the company in a research report on Friday, October 23rd. Robert W. Baird boosted their price target on argenex from $823.00 to $861.00 and gave the stock a "neutral" rating in a research note on Friday, October 23rd. Barclays restated a "buy" rating on shares of argenex in a report on Monday, September 7th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of argenex in a research note on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,155.24.

argenex Trading Down 0.9%

Shares of NASDAQ:ARGX traded down $8.91 on Friday, reaching $972.42. 97,559 shares of the company were exchanged, compared to its average volume of 352,396. argenex has a 1-year low of $661.85 and a 1-year high of $1,072.75. The firm has a market cap of $61.16 billion, a price-to-earnings ratio of 33.95, a price-to-earnings-growth ratio of 0.91 and a beta of 0.48. The company has a 50-day moving average of $925.74 and a 200-day moving average of $860.30.

argenex (NASDAQ:ARGX - Get Free Report) last announced its quarterly earnings results on Friday, October 23rd. The company reported $7.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.44 by $0.36. argenex had a net margin of 31.66% and a return on equity of 47.70%. The business had revenue of $1.75 billion during the quarter. As a group, analysts forecast that argenex will post 28.41 earnings per share for the current year.

Institutional Investors Weigh In On argenex

A number of large investors have recently added to or reduced their stakes in ARGX. Benjamin Edwards Inc. lifted its position in argenex by 12.4% during the third quarter. Benjamin Edwards Inc. now owns 254 shares of the company's stock worth $244,000 after buying an additional 28 shares during the period. First Trust Advisors LP grew its holdings in argenex by 9.8% in the 3rd quarter. First Trust Advisors LP now owns 111,378 shares of the company's stock valued at $106,801,000 after buying an additional 9,938 shares during the period. Advisors Asset Management Inc. purchased a new stake in argenex in the 3rd quarter valued at about $7,124,000. Edmond DE Rothschild Holding S.A. grew its holdings in argenex by 28.3% in the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 1,895 shares of the company's stock valued at $1,817,000 after buying an additional 418 shares during the period. Finally, Private Advisor Group LLC increased its stake in shares of argenex by 45.3% during the 3rd quarter. Private Advisor Group LLC now owns 1,507 shares of the company's stock valued at $1,445,000 after acquiring an additional 470 shares during the last quarter. 60.32% of the stock is owned by institutional investors and hedge funds.

argenex Company Profile

argenx SE is a global immunology company focused on developing medicines for autoimmune diseases. Founded in 2008 and headquartered in the Netherlands, the company uses antibody engineering and other research approaches to identify and develop treatments for conditions with significant unmet medical needs. Its lead medicine is efgartigimod, marketed as Vyvgart and Vyvgart Hytrulo. These products target the neonatal Fc receptor (FcRn) and are approved in the United States for certain patients with generalized myasthenia gravis; Vyvgart Hytrulo is also approved for chronic inflammatory demyelinating polyneuropathy. argenx continues to study efgartigimod in additional diseases and develop other potential therapies. argenx operates internationally, with commercial activities and research collaborations across multiple markets.

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