Citigroup Issues Pessimistic Forecast for argenex (NASDAQ:ARGX) Stock Price

argenex (NASDAQ:ARGX) had its target price cut by investment analysts at Citigroup from $1,124.00 to $1,091.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 36.85% from the stock’s previous close.

A number of other equities research analysts have also issued reports on ARGX. Robert W. Baird reiterated a “neutral” rating and issued a $858.00 target price (down previously from $924.00) on shares of argenex in a research note on Thursday, December 18th. Royal Bank Of Canada upped their price target on argenex from $860.00 to $925.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Evercore ISI increased their price objective on shares of argenex from $775.00 to $910.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Zacks Research cut shares of argenex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. Finally, Piper Sandler upped their target price on shares of argenex from $820.00 to $930.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $986.72.

argenex Stock Down 3.1%

NASDAQ ARGX traded down $25.74 during trading on Thursday, hitting $797.20. The stock had a trading volume of 263,274 shares, compared to its average volume of 457,295. argenex has a twelve month low of $510.05 and a twelve month high of $934.62. The firm has a 50 day moving average price of $871.73 and a 200 day moving average price of $751.42. The company has a market capitalization of $49.08 billion, a PE ratio of 34.19, a PEG ratio of 0.50 and a beta of 0.38.

argenex (NASDAQ:ARGX) last announced its quarterly earnings results on Thursday, October 30th. The company reported $4.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.37 by $0.03. argenex had a return on equity of 29.78% and a net margin of 41.58%.The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.07 billion. On average, sell-side analysts anticipate that argenex will post 3.13 earnings per share for the current year.

Institutional Investors Weigh In On argenex

A number of institutional investors have recently modified their holdings of ARGX. Ameriflex Group Inc. bought a new position in shares of argenex in the third quarter worth $32,000. Aventura Private Wealth LLC acquired a new position in argenex during the 4th quarter valued at about $38,000. Sunbelt Securities Inc. acquired a new position in argenex during the 3rd quarter valued at about $36,000. Bessemer Group Inc. raised its position in shares of argenex by 276.5% during the 3rd quarter. Bessemer Group Inc. now owns 64 shares of the company’s stock worth $47,000 after buying an additional 47 shares in the last quarter. Finally, Mather Group LLC. acquired a new stake in shares of argenex in the 3rd quarter worth approximately $50,000. 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.