The Manufacturers Life Insurance Company Decreases Stock Position in argenex SE $ARGX

Key Points

• The Manufacturers Life Insurance Company reduced its stake in argenex SE by 3.9% during Q1, owning 59,694 shares worth approximately $35.33 million.
• Institutional investors now control 60.32% of argenex's stock, with notable investments from Point72 Asset Management and GAMMA Investing LLC.
• argenex reported earnings of $3.74 per share for Q2, exceeding analysts' estimates of $2.84, with a significant revenue of $866.79 million.

The Manufacturers Life Insurance Company cut its stake in shares of argenex SE (NASDAQ:ARGX - Free Report) by 3.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 59,694 shares of the company's stock after selling 2,419 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.10% of argenex worth $35,331,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ARGX. Point72 Asset Management L.P. bought a new position in shares of argenex during the 4th quarter valued at approximately $91,013,000. GAMMA Investing LLC boosted its stake in 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 period. BNP Paribas Financial Markets boosted its stake 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 purchasing an additional 123,127 shares during the period. Assenagon Asset Management S.A. boosted its stake in argenex by 215.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 110,390 shares of the company's stock worth $65,336,000 after purchasing an additional 75,435 shares during the period. Finally, Lord Abbett & CO. LLC boosted its stake in argenex by 33.2% in the 1st quarter. Lord Abbett & CO. LLC now owns 274,700 shares of the company's stock worth $162,585,000 after purchasing an additional 68,498 shares during the period. 60.32% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ARGX shares. Bank of America upped their price target on argenex from $880.00 to $887.00 and gave the stock a "buy" rating in a research note on Tuesday. Royal Bank Of Canada started coverage on argenex in a research note on Monday, August 25th. They issued an "outperform" rating and a $850.00 price target for the company. JMP Securities set a $699.00 price target on argenex in a research note on Wednesday, May 14th. Morgan Stanley upped their price target on argenex from $700.00 to $766.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, HC Wainwright upped their price target on argenex from $720.00 to $774.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $772.84.

argenex Stock Performance

Shares of ARGX traded up $11.65 during mid-day trading on Thursday, hitting $733.66. 544,073 shares of the stock were exchanged, compared to its average volume of 376,628. The company has a market cap of $44.90 billion, a PE ratio of 37.62, a price-to-earnings-growth ratio of 0.81 and a beta of 0.41. argenex SE has a 52-week low of $510.05 and a 52-week high of $742.52. The firm has a 50-day moving average of $620.60 and a two-hundred day moving average of $601.21.

argenex (NASDAQ:ARGX - Get Free Report) last issued its quarterly earnings data 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. 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. On average, sell-side analysts predict 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.