argenex (NASDAQ:ARGX) Shares Gap Down - Here's What Happened

Key Points

• argenx shares fell sharply, opening at $831.23 versus the prior close of $928.44 and later trading near $809.34 on volume of 361,389 shares.
• Despite the decline, analysts maintained a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $1,158.61; Deutsche Bank was the notable downgrade, moving the stock to “Hold.”
• The company recently exceeded quarterly expectations, reporting EPS of $7.32 versus a $5.86 estimate and revenue of $1.54 billion versus $1.45 billion expected. Institutional investors own approximately 60.32% of argenx shares.

argenex SE (NASDAQ:ARGX - Get Free Report) gapped down before the market opened on Thursday. The stock had previously closed at $928.44, but opened at $831.23. argenex shares last traded at $809.3430, with a volume of 361,389 shares trading hands.

Wall Street Analysts Forecast Growth

ARGX has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft cut argenex from a "buy" rating to a "hold" rating in a report on Monday, August 24th. Royal Bank Of Canada raised their target price on shares of argenex from $1,025.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Tuesday, August 18th. Weiss Ratings cut argenex from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Wells Fargo & Company upped their target price on argenex from $1,350.00 to $1,415.00 and gave the company an "overweight" rating in a report on Wednesday, August 26th. Finally, Truist Financial raised their price objective on shares of argenex from $1,030.00 to $1,095.00 and gave the stock a "buy" rating in a report on Tuesday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,158.61.

argenex Stock Performance

The firm has a fifty day moving average price of $961.58 and a two-hundred day moving average price of $875.40. The stock has a market capitalization of $49.74 billion, a P/E ratio of 30.39, a PEG ratio of 0.97 and a beta of 0.44.

argenex (NASDAQ:ARGX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The company reported $7.32 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.45 billion. On average, research analysts anticipate that argenex SE will post 28.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On argenex

Several institutional investors have recently made changes to their positions in the company. Whipplewood Advisors LLC bought a new position in shares of argenex in the first quarter worth about $28,000. Eastern Bank bought a new stake in argenex during the 2nd quarter valued at about $32,000. Axiom Investment Management LLC bought a new stake in argenex during the 1st quarter valued at about $50,000. WPG Advisers LLC boosted its position in argenex by 17.8% in the 1st quarter. WPG Advisers LLC now owns 86 shares of the company's stock valued at $63,000 after buying an additional 13 shares during the period. Finally, Fifth Third Bancorp boosted its position in argenex by 616.7% in the 1st quarter. Fifth Third Bancorp now owns 172 shares of the company's stock valued at $126,000 after buying an additional 148 shares during the period. Institutional investors own 60.32% of the company's stock.

argenex Company Profile

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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