Truist Financial Boosts argenex (NASDAQ:ARGX) Price Target to $1,095.00

argenex (NASDAQ:ARGX) had its target price lifted by research analysts at Truist Financial from $1,030.00 to $1,095.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 8.89% from the company’s previous close.

A number of other analysts also recently issued reports on ARGX. Citigroup lifted their target price on argenex from $1,152.00 to $1,182.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Oppenheimer raised their price target on argenex from $1,014.00 to $1,037.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Wedbush boosted their price target on argenex from $1,050.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Tuesday. Morgan Stanley upped their price objective on argenex from $1,200.00 to $1,230.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Wells Fargo & Company raised their target price on shares of argenex from $1,260.00 to $1,291.00 and gave the company an “overweight” rating in a research note on Monday, June 1st. Two 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 MarketBeat.com, argenex currently has an average rating of “Moderate Buy” and an average target price of $1,118.28.

argenex Stock Up 1.8%

ARGX traded up $17.73 during trading hours on Tuesday, hitting $1,005.57. 144,920 shares of the company’s stock were exchanged, compared to its average volume of 347,949. The stock has a market cap of $62.91 billion, a price-to-earnings ratio of 38.60, a PEG ratio of 1.05 and a beta of 0.46. argenex has a 1-year low of $650.01 and a 1-year high of $1,009.75. The stock’s 50-day moving average is $883.84 and its two-hundred day moving average is $821.99.

argenex (NASDAQ:ARGX) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $7.32 EPS for the quarter, topping 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. On average, equities research analysts anticipate that argenex will post 28.77 EPS for the current year.

Institutional Trading of argenex

Institutional investors and hedge funds have recently bought and sold shares of the business. M&T Bank Corp boosted its stake in shares of argenex by 20,977.7% during the 4th quarter. M&T Bank Corp now owns 778,610 shares of the company’s stock worth $654,772,000 after acquiring an additional 774,916 shares during the period. Sands Capital Management LLC lifted its holdings in argenex by 2,046.6% during the 4th quarter. Sands Capital Management LLC now owns 356,870 shares of the company’s stock valued at $300,110,000 after purchasing an additional 340,245 shares during the last quarter. Invesco Ltd. lifted its holdings in argenex by 390.4% during the 4th quarter. Invesco Ltd. now owns 416,408 shares of the company’s stock valued at $350,178,000 after purchasing an additional 331,489 shares during the last quarter. Wellington Management Group LLP boosted its position in argenex by 80.1% during the third quarter. Wellington Management Group LLP now owns 729,986 shares of the company’s stock worth $538,408,000 after purchasing an additional 324,653 shares during the period. Finally, Two Sigma Investments LP boosted its position in argenex by 570.3% during the third quarter. Two Sigma Investments LP now owns 294,160 shares of the company’s stock worth $216,961,000 after purchasing an additional 250,278 shares during the period. Institutional investors own 60.32% of the company’s stock.

Key Headlines Impacting argenex

Here are the key news stories impacting argenex this week:

• Positive Sentiment: Positive Phase 3 myositis results: argenx reported that its ALKIVIA Phase 3 trial of Vyvgart Hytrulo (efgartigimod) met its primary endpoint in autoimmune myositis. Patients achieved a statistically significant and clinically meaningful improvement in disease activity, including a 15.4-point advantage over placebo at Week 52. The result is particularly important for immune-mediated necrotizing myopathy, a subtype with no approved therapy. argenx Announces Positive Topline Results from Phase 3 ALKIVIA Trial
• Positive Sentiment: Analysts raise targets: Morgan Stanley lifted its target to $1,230 and assigned an “overweight” rating. HC Wainwright raised its target to $1,202 with a “buy” rating, while Piper Sandler increased its target to $1,215 and maintained “overweight.” Wedbush, RBC and Citizens JMP also raised their targets to $1,150, $1,100 and $1,200, respectively, with each maintaining a bullish rating. Collectively, the revisions indicate growing confidence in argenx’s commercial and pipeline prospects. Benzinga analyst price-target coverage
• Positive Sentiment: Broad clinical validation: Reuters reported that efgartigimod met the main goal of the late-stage myositis study, with improvement in disease activity observed across patient groups. The data could expand Vyvgart’s addressable market if supported by subsequent regulatory and commercial progress. Argenx says efgartigimod met main goal in myositis trial

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.