argenex (NASDAQ:ARGX) Issues Quarterly Earnings Results

Key Points

• argenex reported a quarterly EPS of $3.74, significantly exceeding the consensus estimate of $2.84, alongside revenues of $866.79 million, surpassing the expected $776.82 million.
• Institutional investors have shown increased interest, with notable boosts in holdings from firms such as Geneos Wealth Management and NewEdge Advisors, resulting in 60.32% of the stock being owned by institutional investors.
• Wall Street analysts are optimistic about argenex, with most ratings being "buy" or "strong buy," and an average target price of $736.81, indicating confidence in the company's future performance.

argenex (NASDAQ:ARGX - Get Free Report) announced its earnings results on Thursday. The company reported $3.74 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.90, Zacks reports. argenex had a return on equity of 21.06% and a net margin of 40.98%. The firm had revenue of $866.79 million during the quarter, compared to the consensus estimate of $776.82 million.

argenex Stock Up 2.5%

ARGX stock traded up $16.52 during midday trading on Monday, reaching $690.32. 410,973 shares of the company's stock traded hands, compared to its average volume of 446,291. The company has a 50-day simple moving average of $573.16 and a two-hundred day simple moving average of $596.64. argenex has a 1-year low of $475.65 and a 1-year high of $691.02. The company has a market cap of $42.25 billion, a price-to-earnings ratio of 35.40, a PEG ratio of 0.93 and a beta of 0.39.

Analysts Set New Price Targets

ARGX has been the subject of several recent analyst reports. Baird R W upgraded argenex from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 13th. Oppenheimer raised their price objective on argenex from $704.00 to $708.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Wells Fargo & Company raised their price objective on argenex from $741.00 to $756.00 and gave the stock an "overweight" rating in a research report on Thursday. HC Wainwright raised their price objective on argenex from $720.00 to $774.00 and gave the stock a "buy" rating in a research report on Friday. Finally, JMP Securities set a $699.00 price objective on argenex in a research report on Wednesday, May 14th. Nineteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $746.81.

Institutional Investors Weigh In On argenex

Several hedge funds and other institutional investors have recently made changes to their positions in ARGX. NewEdge Advisors LLC increased its stake in shares of argenex by 5,962.5% in the 1st quarter. NewEdge Advisors LLC now owns 1,455 shares of the company's stock valued at $862,000 after buying an additional 1,431 shares during the period. AQR Capital Management LLC boosted its position in shares of 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 purchasing an additional 122 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of argenex by 550.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 117 shares of the company's stock worth $69,000 after purchasing an additional 99 shares during the last quarter. Finally, Focus Partners Wealth boosted its position in shares of argenex by 22.3% in the 1st quarter. Focus Partners Wealth now owns 400 shares of the company's stock worth $237,000 after purchasing an additional 73 shares during the last quarter. 60.32% of the stock is owned by institutional investors and hedge funds.

About argenex

argenx SE, a biotechnology company, engages in the developing of various therapies for the treatment of autoimmune diseases in the United States, Japan, Europe, Middle East, Africa, and China. Its lead product candidate is efgartigimod for the treatment of patients with myasthenia gravis, immune thrombocytopenia, pemphigus vulgaris, generalized myasthenia gravis, chronic inflammatory demyelinating polyneuropathy, thyroid eye disease, bullous pemphigoid, myositis, primary sjögren's syndrome, post-covid postural orthostatic tachycardia syndrome, membranous nephropathy, lupus nephropathy, anca-associated vasculitis, and antibody mediated rejection; ENHANZE SC; Empasiprubart for multifocal motor neuropath, delayed graft function, and dermatomyositis; and ARGX-119 for congenital myasthenic syndrome and amyotrophic lateral sclerosis.