argenex (NASDAQ:ARGX) Posts Quarterly Earnings Results

argenex (NASDAQ:ARGX) announced its quarterly earnings results on Thursday. The company reported $7.32 earnings per share for the quarter, beating the consensus estimate of $5.86 by $1.46, Zacks reports. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.45 billion. argenex had a return on equity of 44.37% and a net margin of 31.31%.

Here are the key takeaways from argenex’s conference call:

• argenx reported 18 consecutive quarters of growth, with second-quarter product net sales of $1.5 billion, up 60% year over year and 17% sequentially. Management said the growth was driven by continued patient expansion across MG and CIDP and strong U.S. performance.
• VYVGART continues to expand its reach in generalized myasthenia gravis, including the recent seronegative gMG approval, which makes it the first and only approved biologic across all gMG serotypes. Management highlighted quick payer uptake, removal of serology testing requirements by many plans, and a meaningful halo effect on broader prescribing.
• The company said its CIDP launch is still early but remains on a strong trajectory, supported by the prefilled syringe and data showing benefit in earlier-line and treatment-naive patients. Management also pointed to evidence such as successful switching from IVIG and increasing use in patients seeking greater functional improvement.
• argenx expects two registrational readouts before year-end, led by myositis for VYVGART’s expansion into rheumatology and MMN for empasiprubart. The company said both programs could support additional label growth, but the specific filing path will depend on the upcoming data.
• The company’s pipeline and balance sheet remain a major part of its long-term story, with $5.2 billion in cash and plans to advance multiple late-stage assets, including next-generation FcRn programs and ARGX-121 for IgA nephropathy. Management also reiterated openness to disciplined business development around novel biology and high unmet need.

argenex Trading Up 5.2%

Shares of ARGX stock traded up $44.35 during trading hours on Thursday, hitting $896.07. 146,424 shares of the company’s stock were exchanged, compared to its average volume of 351,228. The company has a market capitalization of $56.06 billion, a PE ratio of 39.87, a PEG ratio of 1.08 and a beta of 0.45. The business’s 50 day simple moving average is $863.85 and its 200-day simple moving average is $813.80. argenex has a 12-month low of $577.04 and a 12-month high of $953.58.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ARGX. Guggenheim upped their price target on argenex from $1,120.00 to $1,135.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Citigroup upped their target price on shares of argenex from $1,152.00 to $1,182.00 and gave the stock a “buy” rating in a report on Tuesday. Wells Fargo & Company boosted their price target on shares of argenex from $1,260.00 to $1,291.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Glj Research upgraded argenex to a “strong-buy” rating in a research report on Friday, April 3rd. Finally, Royal Bank Of Canada lifted their price objective on argenex from $890.00 to $945.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,042.67.

Hedge Funds Weigh In On argenex

Several institutional investors and hedge funds have recently bought and sold shares of ARGX. Invesco Ltd. lifted its holdings in argenex by 390.4% in the 4th quarter. Invesco Ltd. now owns 416,408 shares of the company’s stock worth $350,178,000 after buying an additional 331,489 shares during the period. Wellington Management Group LLP increased its stake in shares of argenex by 80.1% during the third quarter. Wellington Management Group LLP now owns 729,986 shares of the company’s stock valued at $538,408,000 after buying an additional 324,653 shares during the period. Two Sigma Investments LP raised its holdings in shares of argenex by 570.3% during the third quarter. Two Sigma Investments LP now owns 294,160 shares of the company’s stock valued at $216,961,000 after acquiring an additional 250,278 shares in the last quarter. Corient Private Wealth LLC lifted its stake in argenex by 12,441.8% in the fourth quarter. Corient Private Wealth LLC now owns 246,572 shares of the company’s stock worth $207,355,000 after acquiring an additional 244,606 shares during the period. Finally, Woodline Partners LP lifted its stake in argenex by 320.8% in the third quarter. Woodline Partners LP now owns 169,476 shares of the company’s stock worth $124,999,000 after acquiring an additional 129,205 shares during the period. 60.32% of the stock is currently owned by 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.