Wedbush Boosts argenex (NASDAQ:ARGX) Price Target to $1,150.00

Key Points

• Wedbush raised argenx’s price target to $1,150 from $1,050 while maintaining an “outperform” rating, implying 16.42% potential upside from the prior close.
• Analyst sentiment remains positive, with argenx carrying a “Moderate Buy” consensus rating and an average price target of $1,107.72; recent targets range as high as $1,291.
• argenx exceeded quarterly expectations, reporting $7.32 in EPS versus a $5.86 consensus estimate and $1.54 billion in revenue versus $1.45 billion expected. Institutional investors own approximately 60.32% of the company.

argenex (NASDAQ:ARGX - Get Free Report) had its price objective increased by equities research analysts at Wedbush from $1,050.00 to $1,150.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's price objective indicates a potential upside of 16.42% from the company's previous close.

A number of other equities analysts also recently commented on the stock. 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 note on Monday, June 1st. Bank of America increased their target price on argenex from $1,016.00 to $1,088.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Royal Bank Of Canada boosted their price target on argenex from $945.00 to $1,025.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Guggenheim started coverage on argenex in a research report on Tuesday, August 4th. They set a "buy" rating and a $1,185.00 price objective on the stock. Finally, Citizens Jmp lifted their target price on argenex from $932.00 to $1,200.00 and gave the company a "market outperform" rating in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $1,107.72.

argenex Stock Up 16.0%

ARGX stock opened at $987.84 on Tuesday. argenex has a 52 week low of $650.01 and a 52 week high of $1,002.16. The firm has a market capitalization of $61.80 billion, a P/E ratio of 37.94, a price-to-earnings-growth ratio of 1.05 and a beta of 0.46. The company has a fifty day simple moving average of $883.84 and a two-hundred day simple moving average of $821.99.

argenex (NASDAQ:ARGX - Get Free Report) last announced its earnings results on Tuesday, July 21st. The company reported $7.32 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $1.45 billion. As a group, analysts anticipate that argenex will post 28.77 EPS for the current year.

Institutional Trading of argenex

A number of institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC increased its position in argenex by 3.4% during the 1st quarter. Janus Henderson Group PLC now owns 2,541,732 shares of the company's stock valued at $1,847,592,000 after buying an additional 83,568 shares in the last quarter. M&T Bank Corp increased its holdings in shares of argenex by 20,977.7% during the fourth quarter. M&T Bank Corp now owns 778,610 shares of the company's stock valued at $654,772,000 after acquiring an additional 774,916 shares in the last quarter. Wellington Management Group LLP raised its position 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 during the last quarter. Morgan Stanley raised its position in shares of 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. boosted its stake in argenex by 390.4% in the 4th quarter. Invesco Ltd. now owns 416,408 shares of the company's stock worth $350,178,000 after purchasing an additional 331,489 shares in the last quarter. Institutional investors and hedge funds own 60.32% of the company's stock.

Key argenex News

Here are the key news stories impacting argenex this week:

• Positive Sentiment: ALKIVIA Phase 3 trial met its primary endpoint. In the combined population of patients with immune-mediated necrotizing myopathy (IMNM) and dermatomyositis (DM), VYVGART Hytrulo produced a statistically significant and clinically meaningful 15.4-point greater improvement in Total Improvement Score at Week 52 compared with placebo (47.95 versus 32.56; p=0.0011). Benefits appeared early and were sustained through the study. argenx Announces Positive Topline Results from Phase 3 ALKIVIA Trial
• Positive Sentiment: The results may expand VYVGART’s commercial opportunity. The trial reportedly showed a consistent treatment effect across IMNM and DM, while representing the first Phase 3 study to demonstrate significant improvement in disease activity for IMNM, a subtype with no approved treatment. Argenx says efgartigimod met main goal in myositis trial
• Positive Sentiment: Piper Sandler raised its price target for argenex SE from $1,075 to $1,215 and maintained an “overweight” rating, citing implied upside based on the supplied reference price. The upgrade reinforces positive analyst sentiment following the clinical announcement. Benzinga
• Neutral Sentiment: The reported findings are topline results. Investors will still be watching for full study data, regulatory filings and approval decisions before estimating the timing and financial impact of a potential autoimmune-myositis launch.

argenex Company Profile

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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