Guggenheim Issues Positive Forecast for argenex (NASDAQ:ARGX) Stock Price

Key Points

• Guggenheim has increased its price target for argenex (NASDAQ:ARGX) from $1,060.00 to $1,070.00, indicating a potential upside of 59.43% from its current price.
• The stock has received numerous upgrades from analysts, with 19 investment analysts rating it as a buy and an average price target of $736.81.
• Argentex reported earnings of $2.58 per share, exceeding expectations of $2.32, contributing to a strong investor confidence in the company.

argenex (NASDAQ:ARGX - Get Free Report) had its target price lifted by research analysts at Guggenheim from $1,060.00 to $1,070.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Guggenheim's price target suggests a potential upside of 58.80% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley started coverage on shares of argenex in a research report on Thursday, July 3rd. They issued an "overweight" rating and a $700.00 price objective for the company. Citigroup reissued a "buy" rating on shares of argenex in a report on Wednesday, May 21st. Wells Fargo & Company boosted their price target on shares of argenex from $741.00 to $756.00 and gave the company an "overweight" rating in a report on Thursday. Wedbush reissued an "outperform" rating and issued a $715.00 price target on shares of argenex in a report on Monday, July 21st. Finally, Baird R W raised shares of argenex from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Nineteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $736.81.

argenex Stock Up 0.5%

ARGX traded up $3.47 during midday trading on Friday, reaching $673.80. 633,642 shares of the company's stock were exchanged, compared to its average volume of 446,291. The firm has a market capitalization of $41.24 billion, a price-to-earnings ratio of 34.55, a price-to-earnings-growth ratio of 0.93 and a beta of 0.39. argenex has a one year low of $475.65 and a one year high of $689.13. The business has a 50-day simple moving average of $571.11 and a two-hundred day simple moving average of $596.29.

argenex (NASDAQ:ARGX - Get Free Report) last posted its earnings results 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 net margin of 40.98% and a return on equity of 21.06%. The company had revenue of $866.79 million during the quarter, compared to analysts' expectations of $776.82 million. As a group, research analysts anticipate that argenex will post 3.13 EPS for the current fiscal year.

Hedge Funds Weigh In On argenex

Several hedge funds have recently modified their holdings of the stock. Point72 Europe London LLP bought a new stake in shares of argenex in the 4th quarter valued at about $5,839,000. Ameriprise Financial Inc. raised its holdings in shares of argenex by 10.0% in the 4th quarter. Ameriprise Financial Inc. now owns 7,013 shares of the company's stock valued at $4,313,000 after purchasing an additional 639 shares during the period. Sowell Financial Services LLC bought a new stake in shares of argenex in the 1st quarter valued at about $332,000. Dimensional Fund Advisors LP raised its holdings in shares of argenex by 21.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 24,929 shares of the company's stock valued at $15,332,000 after purchasing an additional 4,445 shares during the period. Finally, Summit Partners Public Asset Management LLC bought a new stake in shares of argenex in the 4th quarter valued at about $18,211,000. Institutional investors own 60.32% of the company's stock.

About argenex

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.