argenex (NASDAQ:ARGX) Trading Up 6.3% on Strong Earnings

Key Points

• argenex shares rose 6.3% after the company reported stronger-than-expected quarterly earnings, with EPS of $7.32 versus the $5.86 consensus estimate. Revenue also topped expectations at $1.54 billion.
• Analysts remain broadly bullish on ARGX, with multiple firms raising price targets and the stock carrying a Moderate Buy consensus rating. The average target price is now $1,042.67.
• The company continues to draw institutional interest, and about 60.32% of shares are held by institutions. argenex also maintains a large market cap of $56.72 billion and relatively low beta of 0.45.

argenex SE (NASDAQ:ARGX - Get Free Report) shares traded up 6.3% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $904.98 and last traded at $905.12. 200,109 shares changed hands during trading, a decline of 43% from the average session volume of 351,695 shares. The stock had previously closed at $851.72.

The company reported $7.32 earnings per share for the quarter, beating analysts' consensus estimates of $5.86 by $1.46. argenex had a net margin of 31.31% and a return on equity of 44.37%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.45 billion.

Analyst Ratings Changes

Several equities analysts recently commented on ARGX shares. Royal Bank Of Canada raised their target price on argenex from $890.00 to $945.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 7th. Morgan Stanley increased their price objective on argenex from $1,170.00 to $1,180.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 24th. Bank of America lifted their price objective on argenex from $1,016.00 to $1,088.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Wells Fargo & Company boosted their target price on shares of argenex from $1,260.00 to $1,291.00 and gave the company an "overweight" rating in a research note on Monday, June 1st. Finally, Glj Research upgraded shares of argenex to a "strong-buy" rating in a research note on Friday, April 3rd. 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, argenex presently has an average rating of "Moderate Buy" and a consensus price target of $1,042.67.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ARGX. Abound Wealth Management raised its stake in shares of argenex by 3,200.0% in the fourth quarter. Abound Wealth Management now owns 33 shares of the company's stock worth $28,000 after acquiring an additional 32 shares during the last quarter. Eastern Bank bought a new stake in shares of argenex during the second quarter valued at approximately $32,000. Sound Income Strategies LLC bought a new stake in shares of argenex during the fourth quarter valued at approximately $28,000. Whipplewood Advisors LLC acquired a new stake in shares of argenex in the first quarter valued at approximately $28,000. Finally, Sunbelt Securities Inc. acquired a new stake in shares of argenex in the third quarter valued at approximately $36,000. 60.32% of the stock is owned by institutional investors.

argenex Stock Performance

The firm's 50-day moving average is $863.85 and its two-hundred day moving average is $813.80. The stock has a market cap of $56.72 billion, a P/E ratio of 40.33, a PEG ratio of 1.08 and a beta of 0.45.

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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