Wedbush Forecasts Strong Price Appreciation for argenex (NASDAQ:ARGX) Stock

argenex (NASDAQ:ARGX) had its price target lifted by analysts at Wedbush from $1,050.00 to $1,150.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price would indicate a potential upside of 16.42% from the stock’s current price.

Several other brokerages have also recently issued reports on ARGX. Citigroup boosted their price objective on argenex from $1,152.00 to $1,182.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Robert W. Baird lifted their price target on argenex from $867.00 to $932.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Royal Bank Of Canada boosted their price target on argenex from $945.00 to $1,025.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Bank of America raised their price objective on shares of argenex from $1,016.00 to $1,088.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Finally, Wells Fargo & Company lifted their target price on shares of argenex from $1,260.00 to $1,291.00 and gave the company an “overweight” rating in a report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,107.72.

argenex Stock Up 16.0%

Shares of NASDAQ:ARGX opened at $987.84 on Tuesday. argenex has a 52-week low of $650.01 and a 52-week high of $1,002.16. The stock has a market cap of $61.80 billion, a price-to-earnings ratio of 37.94, a PEG ratio of 1.05 and a beta of 0.46. The business has a 50-day moving average price of $883.84 and a 200-day moving average price of $821.99.

argenex (NASDAQ:ARGX) last issued its earnings results on Tuesday, July 21st. The company reported $7.32 EPS for the quarter, beating analysts’ consensus estimates of $5.86 by $1.46. The firm 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%. As a group, equities analysts anticipate that argenex will post 28.77 EPS for the current fiscal year.

Hedge Funds Weigh In On argenex

Several hedge funds and other institutional investors have recently made changes to their positions in ARGX. Eastern Bank acquired a new stake in shares of argenex in the second quarter worth approximately $32,000. Whipplewood Advisors LLC purchased a new position in argenex in the 1st quarter valued at $28,000. Sunbelt Securities Inc. acquired a new stake in argenex during the 3rd quarter worth $36,000. Axiom Investment Management LLC purchased a new stake in shares of argenex during the first quarter worth $50,000. Finally, SBI Securities Co. Ltd. raised its position in shares of argenex by 268.2% in the fourth quarter. SBI Securities Co. Ltd. now owns 81 shares of the company’s stock valued at $68,000 after buying an additional 59 shares during the last quarter. Hedge funds and other 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: ALKIVIA Phase 3 trial met its primary endpoint. In the combined population of patients with immune-mediated necrotizing myopathy (IMNM) and dermatomyositis (DM), VYVGART Hytrulo produced a statistically significant and clinically meaningful 15.4-point greater improvement in Total Improvement Score at Week 52 compared with placebo (47.95 versus 32.56; p=0.0011). Benefits appeared early and were sustained through the study. argenx Announces Positive Topline Results from Phase 3 ALKIVIA Trial
• Positive Sentiment: The results may expand VYVGART’s commercial opportunity. The trial reportedly showed a consistent treatment effect across IMNM and DM, while representing the first Phase 3 study to demonstrate significant improvement in disease activity for IMNM, a subtype with no approved treatment. Argenx says efgartigimod met main goal in myositis trial
• Positive Sentiment: Piper Sandler raised its price target for argenex SE from $1,075 to $1,215 and maintained an “overweight” rating, citing implied upside based on the supplied reference price. The upgrade reinforces positive analyst sentiment following the clinical announcement. Benzinga
• Neutral Sentiment: The reported findings are topline results. Investors will still be watching for full study data, regulatory filings and approval decisions before estimating the timing and financial impact of a potential autoimmune-myositis launch.

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.