argenex (NASDAQ:ARGX) Trading 6.3% Higher on Strong Earnings

argenex SE (NASDAQ:ARGX) was up 6.3% on Thursday following a better than expected earnings announcement. The stock traded as high as $904.98 and last traded at $905.12. Approximately 200,109 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 351,695 shares. The stock had previously closed at $851.72.

The company reported $7.32 earnings per share for the quarter, topping analysts’ consensus estimates of $5.86 by $1.46. argenex had a return on equity of 44.37% and a net margin of 31.31%.The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.45 billion.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Guggenheim boosted their price objective on argenex from $1,120.00 to $1,135.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Weiss Ratings raised shares of argenex from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, July 6th. Citigroup lifted their price target on shares of argenex from $1,152.00 to $1,182.00 and gave the stock a “buy” rating in a research report on Tuesday. Glj Research raised shares of argenex to a “strong-buy” rating in a research note on Friday, April 3rd. Finally, Wedbush restated an “outperform” rating and issued a $1,000.00 price objective on shares of argenex in a report on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,042.67.

Institutional Trading of argenex

Hedge funds have recently modified their holdings of the company. Abound Wealth Management increased its stake in argenex by 3,200.0% during the 4th quarter. Abound Wealth Management now owns 33 shares of the company’s stock worth $28,000 after purchasing an additional 32 shares in the last quarter. Sound Income Strategies LLC acquired a new position in shares of argenex in the fourth quarter valued at approximately $28,000. Whipplewood Advisors LLC bought a new stake in shares of argenex during the first quarter worth $28,000. Eastern Bank acquired a new stake in shares of argenex during the second quarter worth $32,000. Finally, Sunbelt Securities Inc. bought a new stake in argenex in the 3rd quarter valued at $36,000. 60.32% of the stock is currently owned by institutional investors and hedge funds.

argenex Trading Up 6.4%

The stock’s 50 day moving average is $863.85 and its two-hundred day moving average is $813.80. The stock has a market capitalization of $56.72 billion, a price-to-earnings ratio of 40.33, a price-to-earnings-growth ratio of 1.08 and a beta of 0.45.

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.