Millennium Management LLC Boosts Stock Position in argenex SE $ARGX

Key Points

• Millennium Management LLC increased its stake in argenex SE by 316.9% in Q1, acquiring an additional 204,180 shares and owning about $158.98 million worth of shares at quarter end.
• Equities analysts have raised their price targets for argenex, with Guggenheim setting a target of $1,070 and Bank of America adjusting theirs to $887, reflecting positive sentiment about the company's performance.
• argenex reported a quarterly earnings per share of $3.74, surpassing expectations and achieving a net margin of 40.98% while forecasting an EPS of 3.13 for the current fiscal year.

Millennium Management LLC lifted its position in argenex SE (NASDAQ:ARGX - Free Report) by 316.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 268,604 shares of the company's stock after purchasing an additional 204,180 shares during the period. Millennium Management LLC owned about 0.44% of argenex worth $158,977,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Point72 Asset Management L.P. purchased a new position in argenex during the fourth quarter valued at $91,013,000. GAMMA Investing LLC raised its position in shares of argenex by 53,684.9% in the 1st quarter. GAMMA Investing LLC now owns 135,538 shares of the company's stock worth $802,200,000 after purchasing an additional 135,286 shares during the last quarter. BNP Paribas Financial Markets raised its position in argenex by 1,203.4% in the 1st 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 during the last quarter. Braidwell LP raised its position in argenex by 99.2% in the 1st quarter. Braidwell LP now owns 160,849 shares of the company's stock worth $95,201,000 after buying an additional 80,083 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of argenex by 215.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 110,390 shares of the company's stock valued at $65,336,000 after purchasing an additional 75,435 shares during the period. Institutional investors own 60.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ARGX. Morgan Stanley boosted their price objective on argenex from $700.00 to $766.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. HC Wainwright upped their price objective on argenex from $720.00 to $774.00 and gave the stock a "buy" rating in a report on Friday, August 1st. JMP Securities set a $699.00 price objective on argenex in a report on Wednesday, May 14th. Wall Street Zen upgraded argenex from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Citigroup reaffirmed a "buy" rating on shares of argenex in a research report on Wednesday, May 21st. Two analysts have rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the stock. According to data from MarketBeat.com, argenex has an average rating of "Buy" and an average price target of $772.84.

argenex Stock Down 0.2%

Shares of NASDAQ:ARGX traded down $1.71 during trading on Wednesday, hitting $765.30. The stock had a trading volume of 156,588 shares, compared to its average volume of 375,547. argenex SE has a 12-month low of $510.05 and a 12-month high of $779.03. The stock has a market capitalization of $46.84 billion, a price-to-earnings ratio of 39.25, a price-to-earnings-growth ratio of 0.82 and a beta of 0.41. The stock has a 50-day simple moving average of $636.71 and a two-hundred day simple moving average of $604.06.

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

argenex 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.