Lord Abbett & CO. LLC Has $162.59 Million Holdings in argenex SE (NASDAQ:ARGX)

Key Points

• Lord Abbett & CO. LLC increased its stake in argenex SE by 33.2% in Q1 2023, now holding 274,700 shares valued at approximately $162.6 million.
• Wall Street analysts remain positive on argenex, with 18 analysts giving it a "Buy" rating and a consensus target price of $746.81.
• Argentex SE reported strong quarterly earnings, exceeding analysts' expectations with earnings per share of $3.74 and revenue of $866.79 million, significantly higher than the projected $776.82 million.

Lord Abbett & CO. LLC grew its position in argenex SE (NASDAQ:ARGX - Free Report) by 33.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 274,700 shares of the company's stock after buying an additional 68,498 shares during the quarter. Lord Abbett & CO. LLC owned 0.45% of argenex worth $162,585,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. GeoWealth Management LLC lifted its holdings in argenex by 56.3% during the 4th quarter. GeoWealth Management LLC now owns 50 shares of the company's stock worth $31,000 after buying an additional 18 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in argenex by 56.4% during the 1st quarter. Rakuten Securities Inc. now owns 61 shares of the company's stock worth $36,000 after buying an additional 22 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of argenex in the 4th quarter valued at about $38,000. Golden State Wealth Management LLC purchased a new position in argenex during the 1st quarter worth approximately $44,000. Finally, Raiffeisen Bank International AG acquired a new position in argenex during the first quarter worth approximately $76,000. 60.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. JMP Securities set a $699.00 target price on argenex in a research report on Wednesday, May 14th. Robert W. Baird upgraded argenex from a "neutral" rating to an "outperform" rating and set a $680.00 price objective on the stock in a report on Tuesday, May 13th. Citigroup reiterated a "buy" rating on shares of argenex in a research note on Wednesday, May 21st. Wedbush reiterated an "outperform" rating and issued a $715.00 target price on shares of argenex in a research note on Monday, July 21st. Finally, HC Wainwright increased their target price on argenex from $720.00 to $774.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Eighteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, argenex presently has an average rating of "Buy" and a consensus target price of $746.81.

argenex Trading Up 0.2%

NASDAQ ARGX traded up $1.40 during trading hours on Friday, reaching $653.83. 423,709 shares of the company's stock were exchanged, compared to its average volume of 443,844. The stock has a market cap of $40.01 billion, a PE ratio of 33.53, a price-to-earnings-growth ratio of 0.75 and a beta of 0.39. argenex SE has a one year low of $510.05 and a one year high of $696.21. The firm has a fifty day moving average of $587.10 and a 200-day moving average of $597.57.

argenex (NASDAQ:ARGX - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $3.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.84 by $0.90. The business had revenue of $866.79 million for the quarter, compared to analyst estimates of $776.82 million. argenex had a return on equity of 21.06% and a net margin of 40.98%. As a group, research analysts forecast that argenex SE will post 3.13 EPS 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.