argenx (NASDAQ:ARGX) Shares Gap Up - Here's What Happened

Shares of argenx SE (NASDAQ:ARGX - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $578.31, but opened at $590.30. argenx shares last traded at $589.13, with a volume of 58,123 shares.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company lifted their target price on argenx from $723.00 to $741.00 and gave the stock an "overweight" rating in a report on Friday, February 28th. HC Wainwright reaffirmed a "buy" rating and issued a $720.00 price objective on shares of argenx in a research note on Tuesday, April 8th. Guggenheim decreased their price objective on argenx from $1,100.00 to $1,065.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Sanford C. Bernstein raised shares of argenx from a "market perform" rating to an "outperform" rating in a report on Monday, March 17th. Finally, Wedbush restated an "outperform" rating and issued a $715.00 price target on shares of argenx in a research report on Friday, April 11th. One investment analyst has rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $698.11.

argenx Trading Up 1.1%

The firm has a market cap of $35.88 billion, a P/E ratio of -667.74 and a beta of 0.57. The business has a 50-day moving average price of $589.78 and a 200-day moving average price of $612.83.

argenx (NASDAQ:ARGX - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.32 by $0.26. argenx had a negative return on equity of 1.45% and a negative net margin of 2.11%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $748.34 million. On average, equities analysts anticipate that argenx SE will post 3.13 earnings per share for the current fiscal year.

Institutional Trading of argenx

Several large investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. lifted its stake in shares of argenx by 550.0% during the first quarter. Geneos Wealth Management Inc. now owns 117 shares of the company's stock worth $69,000 after buying an additional 99 shares during the period. Focus Partners Wealth grew its holdings in argenx by 22.3% in the first quarter. Focus Partners Wealth now owns 400 shares of the company's stock valued at $237,000 after purchasing an additional 73 shares during the period. Flaharty Asset Management LLC purchased a new stake in shares of argenx in the first quarter valued at approximately $180,000. Woodline Partners LP raised its position in argenx by 21.0% during the first quarter. Woodline Partners LP now owns 89,796 shares of the company's stock worth $53,147,000 after acquiring an additional 15,559 shares during the period. Finally, Zimmer Partners LP purchased a new position in argenx during the first quarter valued at $8,168,000. Hedge funds and other institutional investors own 60.32% of the company's stock.

About argenx

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.