argenex (NASDAQ:ARGX) Stock Price Expected to Rise, Morgan Stanley Analyst Says

argenex (NASDAQ:ARGX) had its target price boosted by equities researchers at Morgan Stanley from $1,230.00 to $1,250.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 23.04% from the company’s previous close.

A number of other analysts also recently issued reports on ARGX. Deutsche Bank Aktiengesellschaft cut shares of argenex from a “buy” rating to a “hold” rating in a research note on Monday, August 24th. Wall Street Zen upgraded argenex from a “hold” rating to a “buy” rating in a research report on Saturday. Piper Sandler boosted their target price on argenex from $1,075.00 to $1,215.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. HC Wainwright increased their price target on argenex from $940.00 to $1,202.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Finally, Guggenheim started coverage on argenex in a report on Tuesday, August 4th. They set a “buy” rating and a $1,185.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,158.61.

argenex Stock Performance

Shares of argenex stock traded down $7.26 on Monday, hitting $1,015.95. 27,334 shares of the company traded hands, compared to its average volume of 344,545. argenex has a 52 week low of $661.85 and a 52 week high of $1,061.57. The business has a 50-day simple moving average of $910.13 and a 200 day simple moving average of $834.18. The stock has a market capitalization of $63.56 billion, a P/E ratio of 39.06, a price-to-earnings-growth ratio of 1.06 and a beta of 0.46.

argenex (NASDAQ:ARGX) last issued its 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 net margin of 32.19% and a return on equity of 43.59%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.45 billion. Research analysts expect that argenex will post 29.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Whipplewood Advisors LLC purchased a new stake in shares of argenex in the first quarter valued at $28,000. Eastern Bank bought a new position in argenex during the 2nd quarter valued at about $32,000. Sunbelt Securities Inc. bought a new position in argenex during the 3rd quarter valued at about $36,000. Axiom Investment Management LLC purchased a new stake in argenex in the 1st quarter worth about $50,000. Finally, WPG Advisers LLC raised its position in argenex by 17.8% in the 1st quarter. WPG Advisers LLC now owns 86 shares of the company’s stock worth $63,000 after purchasing an additional 13 shares during the period. 60.32% of the stock is owned by hedge funds and other institutional investors.

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.