argenex (NASDAQ:ARGX) Shares Climb 3.8% on Analyst Upgrade

Key Points

• argenx shares rose 3.8% after Wells Fargo increased its price target slightly to $1,356 and maintained an overweight rating.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $1,151.95; UBS, Citizens JMP, DZ Bank, and Guggenheim have also issued bullish views.
• The company exceeded quarterly expectations, reporting $7.32 in earnings per share versus the $5.86 estimate and revenue of $1.54 billion versus $1.45 billion expected.

Shares of argenex SE (NASDAQ:ARGX - Get Free Report) were up 3.8% on Wednesday after Wells Fargo & Company raised their price target on the stock from $1,355.00 to $1,356.00. Wells Fargo & Company currently has an overweight rating on the stock. argenex traded as high as $830.45 and last traded at $832.8760. 39,500 shares traded hands during trading, a decline of 89% from the average session volume of 343,840 shares. The stock had previously closed at $802.64.

A number of other equities research analysts have also recently commented on the stock. Citizens Jmp increased their price objective on shares of argenex from $932.00 to $1,200.00 and gave the company a "market outperform" rating in a research note on Tuesday, August 18th. DZ Bank reiterated a "buy" rating on shares of argenex in a research note on Friday, October 9th. UBS Group upgraded argenex from a "neutral" rating to a "buy" rating and raised their target price for the company from $960.00 to $1,400.00 in a research note on Wednesday, August 26th. Guggenheim began coverage on shares of argenex in a research note on Tuesday, August 4th. They issued a "buy" rating and a $1,185.00 price target for the company. Finally, Weiss Ratings cut argenex from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, argenex currently has a consensus rating of "Moderate Buy" and an average target price of $1,151.95.

Institutional Investors Weigh In On argenex

Institutional investors have recently added to or reduced their stakes in the company. Eastern Bank bought a new position in shares of argenex in the 2nd quarter valued at about $32,000. Whipplewood Advisors LLC acquired a new stake in argenex during the first quarter worth approximately $28,000. Axiom Investment Management LLC bought a new position in argenex in the 1st quarter valued at about $50,000. WPG Advisers LLC lifted its position in shares of argenex by 17.8% during the 1st quarter. WPG Advisers LLC now owns 86 shares of the company's stock worth $63,000 after buying an additional 13 shares during the last quarter. Finally, Allworth Financial LP boosted its position in argenex by 25.7% in the second quarter. Allworth Financial LP now owns 142 shares of the company's stock valued at $132,000 after buying an additional 29 shares in the last quarter. 60.32% of the stock is owned by institutional investors and hedge funds.

argenex Trading Up 2.8%

The company's 50-day simple moving average is $958.72 and its 200-day simple moving average is $879.19. The stock has a market capitalization of $51.61 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 0.85 and a beta of 0.44.

argenex (NASDAQ:ARGX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $7.32 earnings per share for the quarter, topping analysts' consensus estimates of $5.86 by $1.46. argenex had a return on equity of 43.59% and a net margin of 32.19%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.45 billion. On average, equities research analysts expect that argenex SE will post 28.71 earnings per share for the current fiscal year.

About argenex

argenx SE NASDAQ: ARGX is a global immunology company focused on developing and commercializing therapies for patients with severe autoimmune diseases. The company combines antibody engineering technologies with disease biology to discover medicines that target the underlying mechanisms of immune-mediated disorders.

argenx's leading product is efgartigimod, marketed as Vyvgart and Vyvgart Hytrulo in the United States. The therapies are designed to reduce disease-causing immunoglobulin G (IgG) antibodies by targeting the neonatal Fc receptor (FcRn).

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