argenex (NASDAQ:ARGX) Rating Lowered to Hold at Zacks Research

Key Points

• Zacks Research has downgraded argenex's rating from "strong-buy" to "hold", reflecting a shift in analyst sentiment regarding the stock.
• Despite the downgrade, the consensus rating for argenex remains at "Moderate Buy", with a target price of $817.53, supported by various positive ratings from other analysts.
• Shares of argenex experienced a 2.5% decrease in trading, with the stock's performance reflecting a market capitalization of $50.13 billion and a notable P/E ratio of 41.75.

argenex (NASDAQ:ARGX - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

A number of other analysts have also commented on the company. Morgan Stanley lifted their price target on argenex from $766.00 to $1,040.00 and gave the stock an "overweight" rating in a report on Wednesday, October 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of argenex in a report on Wednesday, October 8th. Royal Bank Of Canada initiated coverage on argenex in a report on Monday, August 25th. They set an "outperform" rating and a $850.00 price target on the stock. Wells Fargo & Company raised their target price on argenex from $741.00 to $756.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen raised argenex from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, argenex presently has a consensus rating of "Moderate Buy" and a consensus target price of $817.53.

argenex Trading Down 2.5%

Shares of argenex stock opened at $814.17 on Tuesday. The business's fifty day simple moving average is $746.19 and its 200 day simple moving average is $640.92. The firm has a market capitalization of $50.13 billion, a P/E ratio of 41.75, a price-to-earnings-growth ratio of 0.90 and a beta of 0.46. argenex has a 12 month low of $510.05 and a 12 month high of $855.46.

argenex (NASDAQ:ARGX - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $3.74 EPS for the quarter, topping analysts' consensus estimates of $2.84 by $0.90. The business had revenue of $866.79 million for the quarter, compared to analyst estimates of $776.82 million. argenex had a return on equity of 21.06% and a net margin of 40.98%. Analysts predict that argenex will post 3.13 EPS for the current fiscal year.

Hedge Funds Weigh In On argenex

Several hedge funds have recently made changes to their positions in ARGX. Millennium Management LLC grew its position in shares of argenex by 316.9% in the first quarter. Millennium Management LLC now owns 268,604 shares of the company's stock valued at $158,977,000 after purchasing an additional 204,180 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in argenex by 114.3% during the second 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 in the last quarter. Franklin Resources Inc. grew its position in argenex by 103.9% during the second 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 in the last quarter. BNP Paribas Financial Markets grew its position in argenex by 1,203.4% during the first quarter. BNP Paribas Financial Markets now owns 133,359 shares of the company's stock worth $78,931,000 after buying an additional 123,127 shares in the last quarter. Finally, Braidwell LP grew its position in argenex by 99.2% during the first quarter. Braidwell LP now owns 160,849 shares of the company's stock worth $95,201,000 after buying an additional 80,083 shares in the last quarter. 60.32% of the stock is currently owned by hedge funds and other institutional investors.

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.

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