argenex (NASDAQ:ARGX) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo raised argenx’s price target to $1,415 from $1,350 and maintained an “overweight” rating, implying 38.79% potential upside.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $1,157.50.
• argenx exceeded quarterly expectations, reporting $7.32 in EPS versus a $5.86 estimate and $1.54 billion in revenue versus $1.45 billion expected; institutional investors own 60.32% of the stock.

argenex (NASDAQ:ARGX - Get Free Report) had its price objective increased by equities research analysts at Wells Fargo & Company from $1,350.00 to $1,415.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective points to a potential upside of 38.79% from the company's current price.

ARGX has been the topic of several other research reports. Truist Financial increased their target price on shares of argenex from $1,030.00 to $1,095.00 and gave the company a "buy" rating in a report on Tuesday, August 18th. Guggenheim began coverage on shares of argenex in a research note on Tuesday, August 4th. They issued a "buy" rating and a $1,185.00 price target for the company. Weiss Ratings lowered shares of argenex from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Royal Bank Of Canada raised their price objective on argenex from $1,025.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, August 18th. Finally, Robert W. Baird lifted their price objective on argenex from $867.00 to $932.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, argenex currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,157.50.

argenex Price Performance

Shares of ARGX opened at $1,019.49 on Wednesday. argenex has a 1 year low of $661.85 and a 1 year high of $1,058.69. The stock has a 50 day simple moving average of $900.50 and a two-hundred day simple moving average of $829.46. The firm has a market cap of $63.78 billion, a P/E ratio of 39.15, a P/E/G ratio of 1.05 and a beta of 0.46.

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

Institutional Trading of argenex

A number of institutional investors have recently modified their holdings of ARGX. Sands Capital Management LLC grew its stake in shares of argenex by 2,046.6% in the fourth quarter. Sands Capital Management LLC now owns 356,870 shares of the company's stock worth $300,110,000 after purchasing an additional 340,245 shares during the last quarter. Invesco Ltd. raised its position in argenex by 390.4% during the 4th quarter. Invesco Ltd. now owns 416,408 shares of the company's stock valued at $350,178,000 after purchasing an additional 331,489 shares during the last quarter. Wellington Management Group LLP raised its position in argenex by 80.1% during the 3rd quarter. Wellington Management Group LLP now owns 729,986 shares of the company's stock valued at $538,408,000 after purchasing an additional 324,653 shares during the last quarter. Two Sigma Investments LP raised its position in argenex by 570.3% during the 3rd quarter. Two Sigma Investments LP now owns 294,160 shares of the company's stock valued at $216,961,000 after purchasing an additional 250,278 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in argenex by 12,441.8% in the 4th quarter. Corient Private Wealth LLC now owns 246,572 shares of the company's stock worth $207,355,000 after buying an additional 244,606 shares during the period. 60.32% of the stock is currently owned by hedge funds and other institutional investors.

About argenex

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source