Morgan Stanley Raises argenex (NASDAQ:ARGX) Price Target to $1,230.00

argenex (NASDAQ:ARGX) had its target price upped by stock analysts at Morgan Stanley from $1,200.00 to $1,230.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 24.36% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. HC Wainwright upped their price objective on shares of argenex from $940.00 to $1,202.00 and gave the stock a “buy” rating in a research report on Tuesday. Guggenheim began coverage on shares of argenex in a research report on Tuesday, August 4th. They issued a “buy” rating and a $1,185.00 target price on the stock. Bank of America boosted their target price 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. Robert W. Baird upped their price target on shares of argenex from $867.00 to $932.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Oppenheimer upped their price target on shares of argenex from $1,014.00 to $1,037.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Two 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,114.67.

argenex Price Performance

Shares of ARGX stock opened at $989.04 on Tuesday. The company has a market cap of $61.87 billion, a price-to-earnings ratio of 37.85, a PEG ratio of 1.05 and a beta of 0.46. The stock has a 50 day simple moving average of $883.84 and a 200-day simple moving average of $821.99. argenex has a 1-year low of $650.01 and a 1-year high of $1,002.16.

argenex (NASDAQ:ARGX) last announced its earnings results on Tuesday, July 21st. The company reported $7.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.86 by $1.46. argenex had a return on equity of 43.59% and a net margin of 32.19%.The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.45 billion. Analysts anticipate that argenex will post 28.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARGX. Merit Financial Group LLC grew its holdings in shares of argenex by 17.1% during the second quarter. Merit Financial Group LLC now owns 466 shares of the company’s stock worth $432,000 after buying an additional 68 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of argenex by 9.6% in the second quarter. Farther Finance Advisors LLC now owns 365 shares of the company’s stock worth $338,000 after buying an additional 32 shares in the last quarter. Ballentine Partners LLC boosted its position in argenex by 30.8% during the second quarter. Ballentine Partners LLC now owns 772 shares of the company’s stock worth $716,000 after acquiring an additional 182 shares during the last quarter. Peregrine Capital Management LLC acquired a new position in argenex during the second quarter worth about $27,584,000. Finally, Sequoia Financial Advisors LLC grew its stake in argenex by 4.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,045 shares of the company’s stock valued at $1,897,000 after acquiring an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 60.32% of the company’s stock.

argenex News Summary

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.