Fred Alger Management LLC Cuts Stake in argenex SE $ARGX

Key Points

• Fred Alger Management LLC has reduced its stake in argenex SE by 16%, holding $1.07 million worth of stock as of its latest SEC filing.
• Other hedge funds have made significant adjustments to their positions, with Millennium Management LLC increasing its stake by 316.9% during the same period.
• Recent earnings reports show argenex exceeded analyst expectations, reporting $3.74 EPS and $866.79 million in revenue for the quarter.

Fred Alger Management LLC reduced its position in shares of argenex SE (NASDAQ:ARGX - Free Report) by 16.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,810 shares of the company's stock after selling 346 shares during the period. Fred Alger Management LLC's holdings in argenex were worth $1,071,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Greenleaf Trust increased its position in argenex by 3.5% in the 1st quarter. Greenleaf Trust now owns 624 shares of the company's stock valued at $369,000 after acquiring an additional 21 shares in the last quarter. Rakuten Securities Inc. increased its position in argenex by 56.4% in the 1st quarter. Rakuten Securities Inc. now owns 61 shares of the company's stock valued at $36,000 after acquiring an additional 22 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in argenex by 1.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,829 shares of the company's stock valued at $1,083,000 after acquiring an additional 24 shares in the last quarter. M&T Bank Corp increased its position in argenex by 0.6% in the 1st quarter. M&T Bank Corp now owns 4,296 shares of the company's stock valued at $2,542,000 after acquiring an additional 27 shares in the last quarter. Finally, Nkcfo LLC increased its position in argenex by 32.7% in the 1st quarter. Nkcfo LLC now owns 146 shares of the company's stock valued at $86,000 after acquiring an additional 36 shares in the last quarter. 60.32% of the stock is owned by institutional investors.

argenex Stock Performance

Shares of ARGX stock traded down $7.14 during trading hours on Friday, hitting $756.38. 339,273 shares of the company were exchanged, compared to its average volume of 354,777. The company has a 50 day simple moving average of $649.73 and a two-hundred day simple moving average of $607.01. argenex SE has a fifty-two week low of $510.05 and a fifty-two week high of $779.03. The firm has a market cap of $46.29 billion, a P/E ratio of 38.79, a P/E/G ratio of 0.81 and a beta of 0.41.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on ARGX shares. Royal Bank Of Canada started coverage on shares of argenex in a research note on Monday, August 25th. They set an "outperform" rating and a $850.00 price objective on the stock. Citigroup reissued a "buy" rating on shares of argenex in a research note on Wednesday, May 21st. Wedbush reissued an "outperform" rating and set a $800.00 price objective on shares of argenex in a research note on Monday, August 25th. HC Wainwright lifted their price objective on shares of argenex from $720.00 to $774.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Deutsche Bank Aktiengesellschaft lowered shares of argenex from a "buy" rating to a "hold" rating in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, argenex has a consensus rating of "Buy" and a consensus target price of $772.84.

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.