argenex (NASDAQ:ARGX) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Key Points

• Morgan Stanley has raised the price target for argenex (NASDAQ:ARGX) from $766.00 to $1,040.00, indicating a potential upside of 33.56% from the current stock price.
• Other analysts also show optimism, with multiple price targets set above $800.00, leading to a consensus price target of $802.90 and an average rating of "Buy."
• Institutional investors have increased their holdings in argenex, with over 60% of the stock now owned by such investors, signaling strong confidence in the company.

argenex (NASDAQ:ARGX - Get Free Report) had its price objective raised by research analysts at Morgan Stanley from $766.00 to $1,040.00 in a report released on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's target price suggests a potential upside of 33.56% from the stock's current price.

Other analysts have also issued research reports about the stock. Stifel Nicolaus set a $882.00 price objective on shares of argenex in a report on Thursday, September 18th. Zacks Research raised shares of argenex from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 22nd. Jefferies Financial Group set a $818.00 price objective on shares of argenex and gave the company a "buy" rating in a research note on Tuesday, August 26th. Wells Fargo & Company raised their price objective on shares of argenex from $741.00 to $756.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, Royal Bank Of Canada began coverage on shares of argenex in a research note on Monday, August 25th. They issued an "outperform" rating and a $850.00 price objective on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $802.90.

argenex Trading Up 5.6%

NASDAQ:ARGX traded up $41.11 during mid-day trading on Wednesday, hitting $778.67. The company's stock had a trading volume of 263,141 shares, compared to its average volume of 373,889. argenex has a fifty-two week low of $510.05 and a fifty-two week high of $786.20. The company has a market capitalization of $47.65 billion, a price-to-earnings ratio of 40.03, a P/E/G ratio of 0.78 and a beta of 0.41. The stock has a fifty day moving average of $690.98 and a 200-day moving average of $617.52.

argenex (NASDAQ:ARGX - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $3.74 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.90. The company had revenue of $866.79 million during the quarter, compared to analyst estimates of $776.82 million. argenex had a net margin of 40.98% and a return on equity of 21.06%. On average, equities analysts anticipate that argenex will post 3.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On argenex

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rakuten Securities Inc. raised its holdings in shares of argenex by 56.4% during the first quarter. Rakuten Securities Inc. now owns 61 shares of the company's stock worth $36,000 after acquiring an additional 22 shares during the period. WPG Advisers LLC acquired a new stake in shares of argenex during the first quarter worth $37,000. Golden State Wealth Management LLC acquired a new stake in shares of argenex during the first quarter worth $44,000. Brooklyn Investment Group raised its holdings in shares of argenex by 102.7% during the first quarter. Brooklyn Investment Group now owns 75 shares of the company's stock worth $44,000 after acquiring an additional 38 shares during the period. Finally, MAI Capital Management raised its holdings in shares of argenex by 866.7% during the second quarter. MAI Capital Management now owns 87 shares of the company's stock worth $48,000 after acquiring an additional 78 shares during the period. 60.32% of the stock is currently owned by institutional investors and hedge funds.

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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