Wedbush Reiterates Outperform Rating for argenex (NASDAQ:ARGX)

argenex (NASDAQ:ARGX)‘s stock had its “outperform” rating reissued by equities research analysts at Wedbush in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $1,150.00 target price on the stock. Wedbush’s price target would indicate a potential upside of 8.97% from the stock’s current price.

ARGX has been the subject of several other research reports. Piper Sandler boosted their price target on shares of argenex from $1,075.00 to $1,215.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Royal Bank Of Canada upped their price objective on shares of argenex from $1,025.00 to $1,100.00 and gave the company an “outperform” rating in a research note on Tuesday, August 18th. Oppenheimer raised their target price on shares of argenex from $1,014.00 to $1,037.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Citizens Jmp upped their price target on argenex from $932.00 to $1,200.00 and gave the company a “market outperform” rating in a research report on Tuesday, August 18th. Finally, Morgan Stanley boosted their price objective on argenex from $1,230.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,158.61.

argenex Trading Up 2.6%

NASDAQ ARGX opened at $1,055.37 on Thursday. The stock has a market capitalization of $66.02 billion, a price-to-earnings ratio of 40.53, a PEG ratio of 1.07 and a beta of 0.47. argenex has a twelve month low of $661.85 and a twelve month high of $1,072.75. The stock has a 50-day moving average of $920.25 and a 200 day moving average of $838.50.

argenex (NASDAQ:ARGX) last issued its quarterly earnings data on Tuesday, July 21st. The company reported $7.32 EPS for the quarter, beating the consensus estimate of $5.86 by $1.46. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.45 billion. argenex had a return on equity of 43.59% and a net margin of 32.19%. Equities analysts predict that argenex will post 29.04 EPS for the current fiscal year.

Institutional Investors Weigh In On argenex

Several institutional investors and hedge funds have recently modified their holdings of ARGX. PNC Financial Services Group Inc. boosted its position in argenex by 65.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,226 shares of the company’s stock valued at $2,713,000 after buying an additional 1,280 shares during the period. M&T Bank Corp raised its stake in shares of argenex by 34.8% in the fourth quarter. M&T Bank Corp now owns 4,980 shares of the company’s stock valued at $4,188,000 after acquiring an additional 1,286 shares in the last quarter. Peregrine Capital Management LLC acquired a new position in argenex during the 2nd quarter worth $27,584,000. Optiver Holding B.V. increased its holdings in argenex by 907.0% during the 1st quarter. Optiver Holding B.V. now owns 10,110 shares of the company’s stock worth $7,383,000 after purchasing an additional 9,106 shares during the period. Finally, Bessemer Group Inc. raised its position in argenex by 2.7% in the 1st quarter. Bessemer Group Inc. now owns 64,251 shares of the company’s stock valued at $46,920,000 after purchasing an additional 1,714 shares in the last quarter. Hedge funds and other institutional investors own 60.32% of the company’s stock.

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.