argenex (NASDAQ:ARGX) Price Target Raised to $1,250.00

Key Points

• Morgan Stanley raised argenx’s price target to $1,250 from $1,230 and maintained an “overweight” rating, implying 23.04% upside from the stock’s current price.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $1,158.61, despite Deutsche Bank downgrading the stock to “hold.”
• argenx recently exceeded quarterly expectations, reporting $7.32 in EPS versus a $5.86 consensus estimate and revenue of $1.54 billion versus $1.45 billion expected. The stock traded down 0.7% to $1,015.95, while institutional investors own 60.32% of shares.

argenex (NASDAQ:ARGX - Get Free Report) had its price objective raised by equities researchers at Morgan Stanley from $1,230.00 to $1,250.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 23.04% from the stock's current price.

Several other equities analysts also recently weighed in on the company. Citizens Jmp raised their price target on argenex from $932.00 to $1,200.00 and gave the company a "market outperform" rating in a report on Tuesday, August 18th. HC Wainwright raised their price objective on shares of argenex from $940.00 to $1,202.00 and gave the company a "buy" rating in a research note on Tuesday, August 18th. Deutsche Bank Aktiengesellschaft downgraded shares of argenex from a "buy" rating to a "hold" rating in a research note on Monday, August 24th. Wall Street Zen raised shares of argenex from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Piper Sandler upped their price objective on argenex from $1,075.00 to $1,215.00 and gave the company an "overweight" rating in a research report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $1,158.61.

argenex Trading Down 0.7%

ARGX traded down $7.26 during midday trading on Monday, reaching $1,015.95. The company's stock had a trading volume of 27,334 shares, compared to its average volume of 344,545. The stock's 50-day moving average is $910.13 and its 200-day moving average is $834.18. argenex has a 1 year low of $661.85 and a 1 year high of $1,061.57. The firm has a market capitalization of $63.56 billion, a price-to-earnings ratio of 39.06, a PEG ratio of 1.06 and a beta of 0.46.

argenex (NASDAQ:ARGX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $7.32 EPS for the quarter, topping analysts' consensus estimates of $5.86 by $1.46. argenex had a return on equity of 43.59% and a net margin of 32.19%.The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.45 billion. As a group, equities research analysts forecast that argenex will post 29.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. AQR Capital Management LLC increased its stake in argenex by 32.1% in the 1st quarter. AQR Capital Management LLC now owns 502 shares of the company's stock worth $297,000 after buying an additional 122 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of argenex by 5,962.5% in the first quarter. NewEdge Advisors LLC now owns 1,455 shares of the company's stock valued at $862,000 after acquiring an additional 1,431 shares in the last quarter. Focus Partners Wealth lifted its position in shares of argenex by 22.3% in the first quarter. Focus Partners Wealth now owns 400 shares of the company's stock valued at $237,000 after acquiring an additional 73 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of argenex by 550.0% in the first quarter. Geneos Wealth Management Inc. now owns 117 shares of the company's stock worth $69,000 after acquiring an additional 99 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of argenex by 60.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 133 shares of the company's stock worth $73,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 60.32% of the company's stock.

argenex Company Profile

argenx NASDAQ: ARGX is a biotechnology company focused on the discovery, development and commercialization of antibody-based therapeutics for severe autoimmune and neuromuscular diseases. The company uses its proprietary SIMPLE Antibody platform to generate differentiated antibodies and engineered Fc regions, and it pursues mechanisms that modulate the neonatal Fc receptor (FcRn) to reduce pathogenic IgG levels. Argenx's research and development activities span target identification, preclinical development and late-stage clinical programs aimed at addressing unmet needs in immunology.

The company's lead product, efgartigimod (marketed as Vyvgart), is an FcRn antagonist developed to reduce circulating IgG antibodies and treat IgG-mediated disorders.

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