argenex (NASDAQ:ARGX) Price Target Raised to $1,182.00

Key Points

• Citigroup raised its price target on argenex to $1,182 from $1,152 and kept a buy rating, implying about 35.68% upside from the current share price.
• Other analysts remain broadly positive, with recent target increases from firms including Morgan Stanley, Bank of America, and Guggenheim. Overall, MarketBeat shows a Moderate Buy consensus and an average price target of $1,042.67.
• argenex shares were up to $871.14 in Tuesday trading, and the company reported strong recent fundamentals, including $5.52 EPS and $1.31 billion in quarterly revenue. The stock has a $54.5 billion market cap and trades below its 52-week high of $953.58.

argenex (NASDAQ:ARGX - Get Free Report) had its target price boosted by Citigroup from $1,152.00 to $1,182.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 35.68% from the stock's current price.

A number of other equities analysts have also commented on the stock. Morgan Stanley lifted their price target on shares of argenex from $1,170.00 to $1,180.00 and gave the stock an "overweight" rating in a report on Wednesday, June 24th. Bank of America raised their target price on argenex from $1,016.00 to $1,088.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Guggenheim lifted their target price on argenex from $1,120.00 to $1,135.00 and gave the stock a "buy" rating in a report on Friday, May 8th. HC Wainwright restated a "buy" rating and set a $940.00 price objective on shares of argenex in a research report on Thursday, June 25th. Finally, Wells Fargo & Company lifted their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $1,042.67.

argenex Stock Performance

Shares of NASDAQ:ARGX traded up $24.95 during midday trading on Tuesday, hitting $871.14. 201,533 shares of the stock were exchanged, compared to its average volume of 353,565. The business's 50-day moving average price is $861.63 and its 200 day moving average price is $813.48. argenex has a 12 month low of $563.08 and a 12 month high of $953.58. The stock has a market capitalization of $54.50 billion, a price-to-earnings ratio of 38.78, a P/E/G ratio of 1.06 and a beta of 0.45.

argenex (NASDAQ:ARGX - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $5.52 earnings per share (EPS) for the quarter. argenex had a net margin of 31.31% and a return on equity of 44.37%. The business had revenue of $1.31 billion during the quarter. As a group, sell-side analysts expect that argenex will post 26.27 EPS for the current year.

Hedge Funds Weigh In On argenex

Several institutional investors have recently made changes to their positions in the stock. Merit Financial Group LLC boosted its position in shares of argenex by 17.1% during the 2nd quarter. Merit Financial Group LLC now owns 466 shares of the company's stock worth $432,000 after purchasing an additional 68 shares in the last quarter. Farther Finance Advisors LLC increased its position in argenex by 9.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 365 shares of the company's stock valued at $338,000 after buying an additional 32 shares in the last quarter. Ballentine Partners LLC raised its stake in argenex by 30.8% during the 2nd quarter. Ballentine Partners LLC now owns 772 shares of the company's stock worth $716,000 after buying an additional 182 shares during the period. Peregrine Capital Management LLC acquired a new position in argenex during the 2nd quarter worth approximately $27,584,000. Finally, Sequoia Financial Advisors LLC grew its stake in argenex by 4.3% in the second quarter. Sequoia Financial Advisors LLC now owns 2,045 shares of the company's stock valued at $1,897,000 after acquiring an additional 84 shares during the period. Institutional investors and hedge funds 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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