argenex (NASDAQ:ARGX) Hits New 1-Year High Following Analyst Upgrade

argenex SE (NASDAQ:ARGX) reached a new 52-week high during trading on Monday after Truist Financial raised their price target on the stock from $1,030.00 to $1,095.00. Truist Financial currently has a buy rating on the stock. argenex traded as high as $977.84 and last traded at $975.9230, with a volume of 113227 shares trading hands. The stock had previously closed at $851.29.

Other equities analysts have also issued reports about the company. Wedbush lifted their price objective on argenex from $1,050.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Tuesday. Guggenheim started coverage on shares of argenex in a report on Tuesday, August 4th. They set a “buy” rating and a $1,185.00 price target for the company. Oppenheimer boosted their price target on shares of argenex from $1,014.00 to $1,037.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Robert W. Baird boosted their price target on shares of argenex from $867.00 to $932.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Wall Street Zen lowered shares of argenex from a “buy” rating to a “hold” rating in a research note on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, argenex presently has an average rating of “Moderate Buy” and a consensus target price of $1,118.28.

argenex News Summary

Here are the key news stories impacting argenex this week:

• Positive Sentiment: Positive Phase 3 ALKIVIA results: VYVGART Hytrulo met the primary endpoint in adults with autoimmune myositis, producing a statistically significant and clinically meaningful 15.4-point improvement in Total Improvement Score versus placebo at Week 52. Benefits appeared early and remained sustained, with consistent effects in dermatomyositis and immune-mediated necrotizing myopathy. The latter has no approved therapy, increasing the potential market opportunity. argenx Announces Positive Topline Results from Phase 3 ALKIVIA Trial of Efgartigimod in Autoimmune Myositis
• Positive Sentiment: Analysts raised targets: Morgan Stanley increased its target to $1,230 and maintained an overweight rating, while Truist raised its target to $1,095 with a buy rating. RBC, Wedbush, Citizens JMP, HC Wainwright and Piper Sandler also lifted their targets, generally citing the myositis data and the strengthened outlook for efgartigimod. Argenx’s Myositis Data Strengthen Efgartigimod Outlook, Morgan Stanley Says
• Positive Sentiment: Broader commercial prospects: Wall Street views the ALKIVIA outcome as supportive of additional label expansion for VYVGART Hytrulo, potentially adding a meaningful autoimmune indication to argenx’s growth story. What Wall Street LOVES About Argenx Right Now
• Neutral Sentiment: The data are topline Phase 3 results; regulatory submissions, approval decisions and the timing of any label expansion remain ahead. Investors may also look for detailed trial results and longer-term safety information before assigning the full commercial value to the opportunity. Argenx says efgartigimod met main goal in myositis trial

Hedge Funds Weigh In On argenex

A number of institutional investors and hedge funds have recently modified their holdings of ARGX. Merit Financial Group LLC grew its position in shares of argenex by 17.1% during the 2nd quarter. Merit Financial Group LLC now owns 466 shares of the company’s stock worth $432,000 after buying an additional 68 shares during the period. Farther Finance Advisors LLC lifted its position in shares of argenex by 9.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 365 shares of the company’s stock valued at $338,000 after acquiring an additional 32 shares during the period. Ballentine Partners LLC lifted its position in shares of argenex by 30.8% during the 2nd quarter. Ballentine Partners LLC now owns 772 shares of the company’s stock valued at $716,000 after acquiring an additional 182 shares during the period. Peregrine Capital Management LLC bought a new position in argenex during the second quarter worth $27,584,000. Finally, Sequoia Financial Advisors LLC boosted its stake in argenex by 4.3% during the second quarter. Sequoia Financial Advisors LLC now owns 2,045 shares of the company’s stock worth $1,897,000 after acquiring an additional 84 shares in the last quarter. 60.32% of the stock is currently owned by institutional investors.

argenex Price Performance

The firm has a market capitalization of $62.12 billion, a price-to-earnings ratio of 38.13, a PEG ratio of 1.05 and a beta of 0.46. The business’s fifty day simple moving average is $886.02 and its 200 day simple moving average is $823.02.

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

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.