Piper Sandler Raises argenex (NASDAQ:ARGX) Price Target to $1,215.00

Key Points

• Piper Sandler raised argenx’s price target to $1,215 from $1,075 while maintaining an “overweight” rating, implying 22.44% upside from the prior close.
• argenx shares rose 16.6% to $992.35, near their 52-week high, after the company reported quarterly EPS of $7.32 versus the $5.86 consensus and revenue of $1.54 billion versus $1.45 billion expected.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus rating and an average price target of $1,072.72; institutional investors own 60.32% of the company.

argenex (NASDAQ:ARGX - Get Free Report) had its target price raised by research analysts at Piper Sandler from $1,075.00 to $1,215.00 in a report issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price target points to a potential upside of 22.44% from the company's previous close.

A number of other analysts have also commented on the company. Citigroup boosted their price target on argenex from $1,152.00 to $1,182.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Wells Fargo & Company boosted their price objective on shares of argenex from $1,260.00 to $1,291.00 and gave the stock an "overweight" rating in a research report on Monday, June 1st. Morgan Stanley lifted their price target on shares of argenex from $1,170.00 to $1,180.00 and gave the company an "overweight" rating in a research note on Wednesday, June 24th. Wedbush lifted their target price on argenex from $1,000.00 to $1,050.00 and gave the company an "outperform" rating in a research report on Tuesday, July 28th. Finally, HC Wainwright reissued a "buy" rating and issued a $940.00 price objective on shares of argenex in a report on Thursday, June 25th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,072.72.

argenex Trading Up 16.6%

Shares of NASDAQ ARGX traded up $141.06 during mid-day trading on Monday, reaching $992.35. 384,459 shares of the company's stock were exchanged, compared to its average volume of 347,318. argenex has a twelve month low of $650.01 and a twelve month high of $1,002.16. The firm has a market capitalization of $62.08 billion, a price-to-earnings ratio of 38.17, a PEG ratio of 1.05 and a beta of 0.46. The business has a fifty day simple moving average of $881.73 and a 200 day simple moving average of $821.12.

argenex (NASDAQ:ARGX - Get Free Report) last announced its earnings results on Tuesday, July 21st. The company reported $7.32 EPS for the quarter, topping the consensus estimate of $5.86 by $1.46. argenex had a net margin of 32.19% and a return on equity of 43.59%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.45 billion. Equities research analysts predict that argenex will post 28.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On argenex

Several institutional investors and hedge funds have recently bought and sold shares of ARGX. Janus Henderson Group PLC increased its stake in argenex by 3.4% in the first quarter. Janus Henderson Group PLC now owns 2,541,732 shares of the company's stock valued at $1,847,592,000 after acquiring an additional 83,568 shares during the last quarter. M&T Bank Corp raised its stake in argenex by 20,977.7% during the fourth quarter. M&T Bank Corp now owns 778,610 shares of the company's stock worth $654,772,000 after acquiring an additional 774,916 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of argenex by 80.1% in the 3rd quarter. Wellington Management Group LLP now owns 729,986 shares of the company's stock valued at $538,408,000 after purchasing an additional 324,653 shares in the last quarter. Morgan Stanley lifted its stake in argenex by 19.2% in the 4th quarter. Morgan Stanley now owns 518,852 shares of the company's stock valued at $436,331,000 after purchasing an additional 83,746 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of argenex by 390.4% during the fourth quarter. Invesco Ltd. now owns 416,408 shares of the company's stock worth $350,178,000 after buying an additional 331,489 shares during the last quarter. Institutional investors own 60.32% of the company's stock.

About argenex

argenx NASDAQ: ARGX is a biotechnology company focused on the discovery, development and commercialization of antibody-based therapeutics for severe autoimmune and neuromuscular diseases. The company uses its proprietary SIMPLE Antibody platform to generate differentiated antibodies and engineered Fc regions, and it pursues mechanisms that modulate the neonatal Fc receptor (FcRn) to reduce pathogenic IgG levels. Argenx's research and development activities span target identification, preclinical development and late-stage clinical programs aimed at addressing unmet needs in immunology.

The company's lead product, efgartigimod (marketed as Vyvgart), is an FcRn antagonist developed to reduce circulating IgG antibodies and treat IgG-mediated disorders.

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