Guggenheim Initiates Coverage on argenex (NASDAQ:ARGX)

Research analysts at Guggenheim began coverage on shares of argenex (NASDAQ:ARGX) in a research note issued to investors on Tuesday. The brokerage set a “buy” rating and a $1,185.00 price target on the stock. Guggenheim’s target price indicates a potential upside of 40.21% from the company’s current price.

Several other equities research analysts have also commented on the company. Oppenheimer upped their price objective on argenex from $1,014.00 to $1,037.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Morgan Stanley upped their target price on argenex from $1,170.00 to $1,180.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. HC Wainwright restated a “buy” rating and set a $940.00 price objective on shares of argenex in a research report on Thursday, June 25th. Citizens Jmp dropped their target price on shares of argenex from $944.00 to $932.00 and set a “market outperform” rating on the stock in a research report on Friday, July 24th. Finally, Weiss Ratings downgraded shares of argenex from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,056.89.

argenex Price Performance

Shares of NASDAQ ARGX traded up $14.35 during mid-day trading on Tuesday, reaching $845.14. The company’s stock had a trading volume of 145,333 shares, compared to its average volume of 349,536. argenex has a 52 week low of $631.47 and a 52 week high of $953.58. The stock has a fifty day moving average of $876.15 and a two-hundred day moving average of $817.92. The firm has a market capitalization of $52.87 billion, a PE ratio of 32.43, a P/E/G ratio of 1.08 and a beta of 0.46.

argenex (NASDAQ:ARGX) last announced its quarterly earnings data on Tuesday, July 21st. The company reported $7.32 earnings per share for the quarter, beating analysts’ consensus estimates of $5.86 by $1.46. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.45 billion. argenex had a net margin of 32.19% and a return on equity of 43.59%. Analysts anticipate that argenex will post 28.05 EPS for the current fiscal year.

Institutional Trading of argenex

Institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its holdings in shares of argenex by 32.1% in the 1st quarter. AQR Capital Management LLC now owns 502 shares of the company’s stock worth $297,000 after purchasing an additional 122 shares during the last quarter. NewEdge Advisors LLC boosted its position in argenex by 5,962.5% in the first quarter. NewEdge Advisors LLC now owns 1,455 shares of the company’s stock valued at $862,000 after buying an additional 1,431 shares in the last quarter. Focus Partners Wealth lifted its holdings in argenex by 22.3% in the first quarter. Focus Partners Wealth now owns 400 shares of the company’s stock valued at $237,000 after buying an additional 73 shares during the period. Geneos Wealth Management Inc. raised its position in shares of argenex by 550.0% during the first quarter. Geneos Wealth Management Inc. now owns 117 shares of the company’s stock worth $69,000 after purchasing an additional 99 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of argenex by 60.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 133 shares of the company’s stock valued at $73,000 after buying an additional 50 shares during the period. 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.