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

Key Points

• Wall Street Zen upgraded argenex (NASDAQ:ARGX) from “hold” to “buy.” The stock has a broader consensus “Moderate Buy” rating, with a consensus price target of $1,158.61.
• Several analysts recently raised their price targets, including Wells Fargo to $1,415, while Citigroup, Guggenheim and Truist Financial maintained “buy” ratings with targets ranging from $1,095 to $1,182.
• argenex reported quarterly EPS of $7.32, beating expectations of $5.86, while revenue reached $1.54 billion versus the $1.45 billion consensus estimate. Institutional investors own approximately 60.32% of the company.

argenex (NASDAQ:ARGX - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Sunday, Wall Street Zen reports.

ARGX has been the subject of several other research reports. Wells Fargo & Company lifted their price target on argenex from $1,350.00 to $1,415.00 and gave the company an "overweight" rating in a research note on Wednesday, August 26th. Citigroup raised their price objective on argenex from $1,152.00 to $1,182.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Guggenheim started coverage on argenex in a research report on Tuesday, August 4th. They issued a "buy" rating and a $1,185.00 price objective for the company. Truist Financial upped their target price on argenex from $1,030.00 to $1,095.00 and gave the stock a "buy" rating in a research note on Tuesday, August 18th. Finally, Weiss Ratings cut shares of argenex from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, argenex has an average rating of "Moderate Buy" and a consensus price target of $1,158.61.

argenex Price Performance

ARGX stock opened at $1,033.15 on Friday. The firm's fifty day simple moving average is $926.47 and its 200-day simple moving average is $841.48. The company has a market capitalization of $64.63 billion, a P/E ratio of 39.68, a price-to-earnings-growth ratio of 1.07 and a beta of 0.47. argenex has a 12 month low of $661.85 and a 12 month high of $1,072.75.

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

Institutional Investors Weigh In On argenex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Eastern Bank acquired a new position in argenex during the second quarter worth about $32,000. Whipplewood Advisors LLC acquired a new stake in argenex in the 1st quarter valued at about $28,000. Sunbelt Securities Inc. purchased a new position in argenex in the 3rd quarter worth approximately $36,000. Axiom Investment Management LLC acquired a new position in shares of argenex during the 1st quarter worth approximately $50,000. Finally, SBI Securities Co. Ltd. boosted 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 worth $68,000 after purchasing an additional 59 shares during the last quarter. Institutional investors and hedge funds 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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