Wall Street Zen Upgrades argenex (NASDAQ:ARGX) to Buy

Key Points

• Wall Street Zen upgraded argenex to “Buy” from “Hold,” adding to a broadly positive analyst outlook. MarketBeat reports a “Moderate Buy” consensus rating and an average price target of $1,157.50.
• Several analysts recently raised their price targets, including UBS to $1,400 and Wells Fargo to $1,415, although Deutsche Bank downgraded the stock to “Hold.”
• argenex reported quarterly EPS of $7.32, beating estimates of $5.86, while revenue of $1.54 billion also exceeded expectations. The company’s stock was recently trading near $1,023, with a market capitalization of approximately $64 billion.

argenex (NASDAQ:ARGX - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

Several other equities analysts have also commented on ARGX. HC Wainwright upped their price target on shares of argenex from $940.00 to $1,202.00 and gave the stock a "buy" rating in a research report on Tuesday, August 18th. UBS Group raised shares of argenex from a "neutral" rating to a "buy" rating and increased their price target for the stock from $960.00 to $1,400.00 in a research note on Wednesday. Wells Fargo & Company lifted their price target on shares of argenex from $1,350.00 to $1,415.00 and gave the company an "overweight" rating in a report on Wednesday. Wedbush boosted their price objective on shares of argenex from $1,050.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Tuesday, August 18th. Finally, Deutsche Bank Aktiengesellschaft downgraded argenex from a "buy" rating to a "hold" rating in a report on Monday, August 24th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $1,157.50.

argenex Trading Down 3.4%

argenex stock opened at $1,023.21 on Friday. The firm has a market capitalization of $64.01 billion, a P/E ratio of 39.29, a PEG ratio of 1.10 and a beta of 0.46. The stock has a fifty day moving average price of $910.13 and a 200 day moving average price of $834.13. argenex has a 52 week low of $661.85 and a 52 week high of $1,061.57.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Eastern Bank purchased a new stake in argenex during the second quarter worth approximately $32,000. Whipplewood Advisors LLC purchased a new position in shares of argenex in the 1st quarter valued at $28,000. Sunbelt Securities Inc. purchased a new position in shares of argenex in the 3rd quarter valued at $36,000. Axiom Investment Management LLC acquired a new position in shares of argenex during the 1st quarter valued at $50,000. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of argenex by 268.2% during the 4th quarter. SBI Securities Co. Ltd. now owns 81 shares of the company's stock valued at $68,000 after acquiring an additional 59 shares in the last quarter. Hedge funds and other institutional investors own 60.32% of the company's stock.

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.

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