argenex (NASDAQ:ARGX) Now Covered by Guggenheim

Key Points

• Guggenheim initiated coverage of argenx with a “buy” rating and a $1,185 price target, implying approximately 40.2% upside from the prior close.
• argenx reported quarterly EPS of $7.32, exceeding consensus by $1.46, while revenue of $1.54 billion also surpassed estimates. Analysts expect the company to generate $28.05 in EPS for the current fiscal year.
• The stock traded up 1.7% to $845.14, and analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $1,056.89.

Equities research analysts at Guggenheim started coverage on shares of argenex (NASDAQ:ARGX - Get Free Report) in a report issued on Tuesday. The firm set a "buy" rating and a $1,185.00 price target on the stock. Guggenheim's price target indicates a potential upside of 40.21% from the stock's previous close.

A number of other research analysts also recently commented on ARGX. Morgan Stanley increased their target price on argenex from $1,170.00 to $1,180.00 and gave the company an "overweight" rating in a research report on Wednesday, June 24th. Citigroup increased their target price on shares of argenex from $1,152.00 to $1,182.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Wells Fargo & Company raised their target price on argenex from $1,260.00 to $1,291.00 and gave the stock an "overweight" rating in a research note on Monday, June 1st. Oppenheimer lifted their price objective on shares of argenex from $1,014.00 to $1,037.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Finally, Wall Street Zen upgraded shares of argenex from a "hold" rating to a "buy" rating in a research report on Saturday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,056.89.

argenex Trading Up 1.7%

Shares of NASDAQ:ARGX traded up $14.35 during midday trading on Tuesday, reaching $845.14. The company had a trading volume of 145,333 shares, compared to its average volume of 349,536. The company's 50 day moving average price is $876.15 and its 200 day moving average price is $817.92. argenex has a 52-week low of $631.47 and a 52-week high of $953.58. The stock has a market cap of $52.87 billion, a P/E ratio of 32.43, a P/E/G ratio of 1.08 and a beta of 0.46.

argenex (NASDAQ:ARGX - Get Free Report) last announced 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 the consensus estimate of $1.45 billion. argenex had a net margin of 32.19% and a return on equity of 43.59%. Research analysts forecast that argenex will post 28.05 EPS for the current fiscal year.

Hedge Funds Weigh In On argenex

A number of large investors have recently modified their holdings of the stock. M&T Bank Corp boosted its position in argenex by 20,977.7% during the fourth quarter. M&T Bank Corp now owns 778,610 shares of the company's stock valued at $654,772,000 after acquiring an additional 774,916 shares during the last quarter. Sands Capital Management LLC increased its holdings 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 period. Invesco Ltd. boosted its stake in argenex by 390.4% in the fourth quarter. Invesco Ltd. now owns 416,408 shares of the company's stock worth $350,178,000 after buying an additional 331,489 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of argenex by 80.1% during the third quarter. Wellington Management Group LLP now owns 729,986 shares of the company's stock valued at $538,408,000 after buying an additional 324,653 shares during the period. Finally, Two Sigma Investments LP raised its holdings in argenex by 570.3% in the 3rd quarter. Two Sigma Investments LP now owns 294,160 shares of the company's stock worth $216,961,000 after purchasing an additional 250,278 shares in the last quarter. 60.32% of the stock is currently owned by institutional investors and hedge funds.

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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