argenex (NASDAQ:ARGX) Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen has downgraded argenex (NASDAQ:ARGX) from a "buy" to a "hold" rating, reflecting a shift in investor sentiment.
• Despite the downgrade, other analysts including Wedbush and JPMorgan Chase maintain higher price targets, with JPMorgan increasing theirs from $775.00 to $830.00.
• argenex reported strong quarterly earnings, with an EPS of $3.74, exceeding estimates, alongside a market capitalization of $46.29 billion.

argenex (NASDAQ:ARGX - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Sunday.

A number of other equities research analysts have also recently issued reports on ARGX. Guggenheim upped their price objective on argenex from $1,060.00 to $1,070.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Morgan Stanley upped their price objective on argenex from $700.00 to $766.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Royal Bank Of Canada started coverage on argenex in a research note on Monday, August 25th. They set an "outperform" rating and a $850.00 price objective on the stock. Wedbush reiterated an "outperform" rating and set a $800.00 price objective on shares of argenex in a research note on Monday, August 25th. Finally, Deutsche Bank Aktiengesellschaft cut argenex from a "buy" rating to a "hold" rating in a research note on Thursday, September 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $789.20.

argenex Price Performance

NASDAQ:ARGX traded down $2.58 during trading hours on Friday, reaching $731.77. 383,632 shares of the stock were exchanged, compared to its average volume of 362,769. argenex has a twelve month low of $510.05 and a twelve month high of $779.03. The firm has a 50 day moving average of $665.18 and a 200 day moving average of $610.32. The stock has a market cap of $44.78 billion, a PE ratio of 37.53, a PEG ratio of 0.80 and a beta of 0.41.

argenex (NASDAQ:ARGX - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $3.74 earnings per share for the quarter, topping analysts' consensus estimates of $2.84 by $0.90. 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. Equities research analysts anticipate that argenex will post 3.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ARGX. Millennium Management LLC increased its position in argenex by 316.9% during the 1st quarter. Millennium Management LLC now owns 268,604 shares of the company's stock worth $158,977,000 after buying an additional 204,180 shares during the period. Adage Capital Partners GP L.L.C. increased its position in argenex by 114.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 297,113 shares of the company's stock worth $163,775,000 after buying an additional 158,476 shares during the period. Franklin Resources Inc. increased its position in argenex by 103.9% during the 2nd quarter. Franklin Resources Inc. now owns 279,803 shares of the company's stock worth $154,233,000 after buying an additional 142,606 shares during the period. GAMMA Investing LLC increased its position in shares of argenex by 53,684.9% in the first quarter. GAMMA Investing LLC now owns 135,538 shares of the company's stock worth $802,200,000 after purchasing an additional 135,286 shares during the period. Finally, BNP Paribas Financial Markets increased its position in shares of argenex by 1,203.4% in the first quarter. BNP Paribas Financial Markets now owns 133,359 shares of the company's stock worth $78,931,000 after purchasing an additional 123,127 shares during the period. Institutional investors own 60.32% of the company's stock.

argenex Company Profile

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.