Piper Sandler Increases argenex (NASDAQ:ARGX) Price Target to $820.00

Key Points

• Piper Sandler has raised the price target for argenex (NASDAQ:ARGX) from $750.00 to $820.00, maintaining an "overweight" rating on the stock which suggests potential upside of 17.30%.
• Other analysts have also increased their price targets for argenex, with JPMorgan Chase raising it to $830.00 and Guggenheim increasing it to $1,070.00, reflecting strong investor confidence.
• In its recent earnings report, argenex beat estimates with a revenue of $866.79 million and earnings per share of $3.74, significantly exceeding market expectations.

argenex (NASDAQ:ARGX - Get Free Report) had its price target increased by equities researchers at Piper Sandler from $750.00 to $820.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective would indicate a potential upside of 17.30% from the stock's current price.

Several other equities analysts also recently weighed in on ARGX. Robert W. Baird raised argenex from a "neutral" rating to an "outperform" rating and set a $680.00 target price on the stock in a research report on Tuesday, May 13th. JPMorgan Chase & Co. upped their target price on argenex from $775.00 to $830.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. HC Wainwright upped their target price 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 research note on Wednesday, May 14th. Finally, Guggenheim increased their price target on argenex from $1,060.00 to $1,070.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating and nineteen have issued a Buy rating to the company's stock. According to data from MarketBeat, argenex currently has an average rating of "Buy" and an average target price of $763.47.

argenex Stock Performance

NASDAQ:ARGX traded up $21.75 during trading hours on Tuesday, reaching $699.07. The stock had a trading volume of 99,497 shares, compared to its average volume of 373,362. argenex has a 52 week low of $510.05 and a 52 week high of $702.24. The company has a 50 day moving average price of $597.70 and a two-hundred day moving average price of $597.38. The stock has a market capitalization of $42.78 billion, a PE ratio of 35.84, a PEG ratio of 0.76 and a beta of 0.39.

argenex (NASDAQ:ARGX - Get Free Report) last released its 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 firm had revenue of $866.79 million for the quarter, compared to the consensus estimate of $776.82 million. argenex had a return on equity of 21.06% and a net margin of 40.98%. Equities research analysts predict that argenex will post 3.13 EPS for the current year.

Hedge Funds Weigh In On argenex

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rakuten Securities Inc. lifted its position in shares of argenex by 56.4% in the first 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. WPG Advisers LLC purchased a new position in argenex during the first quarter worth approximately $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in argenex during the fourth quarter worth $38,000. Golden State Wealth Management LLC acquired a new stake in argenex during the first quarter worth $44,000. Finally, Brooklyn Investment Group increased its stake in argenex by 102.7% during the first quarter. Brooklyn Investment Group now owns 75 shares of the company's stock worth $44,000 after acquiring an additional 38 shares during the last quarter. Hedge funds and other 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.

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