argenex (NASDAQ:ARGX) Sets New 52-Week High - What's Next?

Key Points

• argenex (NASDAQ:ARGX) shares hit a new 52-week high of $779.35 during midday trading, finishing at $764.62, with a trading volume of 101,772 shares.
• Several analysts have recently boosted their price targets for argenex, with Piper Sandler setting a new target of $820, while Bank of America raised theirs to $887, reflecting strong investor confidence.
• Institutional ownership in argenex is significant, with 60.32% of the stock held by institutional investors, many of whom have increased their holdings recently.

argenex SE (NASDAQ:ARGX - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $779.35 and last traded at $764.62, with a volume of 101772 shares traded. The stock had previously closed at $737.56.

Wall Street Analyst Weigh In

ARGX has been the subject of several research reports. Piper Sandler boosted their price objective on shares of argenex from $750.00 to $820.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. Bank of America boosted their price objective on shares of argenex from $880.00 to $887.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Royal Bank Of Canada initiated coverage on shares of argenex in a research note on Monday, August 25th. They set an "outperform" rating and a $850.00 price objective for the company. Morgan Stanley boosted their price objective on shares of argenex from $700.00 to $766.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Zacks Research upgraded shares of argenex from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 22nd. Three research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, argenex currently has an average rating of "Buy" and a consensus target price of $789.20.

argenex Price Performance

The stock has a market capitalization of $47.64 billion, a price-to-earnings ratio of 39.90, a PEG ratio of 0.78 and a beta of 0.41. The firm's fifty day moving average is $690.98 and its 200-day moving average is $617.52.

argenex (NASDAQ:ARGX - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $3.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.90. The firm had revenue of $866.79 million for the quarter, compared to analysts' expectations of $776.82 million. argenex had a net margin of 40.98% and a return on equity of 21.06%. On average, sell-side analysts expect that argenex SE will post 3.13 EPS for the current year.

Institutional Trading of argenex

A number of institutional investors and hedge funds have recently modified their holdings of the business. Adage Capital Partners GP L.L.C. raised its holdings in shares of 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 purchasing an additional 158,476 shares during the period. Franklin Resources Inc. raised its holdings in shares of 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 purchasing an additional 142,606 shares during the period. Lord Abbett & CO. LLC raised its holdings in shares of argenex by 33.2% during the first quarter. Lord Abbett & CO. LLC now owns 274,700 shares of the company's stock worth $162,585,000 after purchasing an additional 68,498 shares during the period. Millennium Management LLC raised its holdings in shares of argenex by 316.9% during the first quarter. Millennium Management LLC now owns 268,604 shares of the company's stock worth $158,977,000 after purchasing an additional 204,180 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of argenex by 6.1% during the second quarter. Jennison Associates LLC now owns 264,647 shares of the company's stock worth $145,879,000 after purchasing an additional 15,186 shares during the period. 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.

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