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

argenex (NASDAQ:ARGX) had its price target increased by investment analysts at Truist Financial from $1,030.00 to $1,095.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 8.89% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Oppenheimer lifted their price objective on shares of argenex from $1,014.00 to $1,037.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. HC Wainwright increased their target price on shares of argenex from $940.00 to $1,202.00 and gave the stock a “buy” rating in a report on Tuesday. Citigroup lifted their price target on shares of argenex from $1,152.00 to $1,182.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. 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 report on Monday, June 1st. Finally, Citizens Jmp raised their price objective on argenex from $932.00 to $1,200.00 and gave the stock a “market outperform” rating in a research note on Tuesday. 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 stock. Based on data from MarketBeat, argenex has a consensus rating of “Moderate Buy” and a consensus target price of $1,118.28.

argenex Stock Performance

NASDAQ:ARGX traded up $17.73 during mid-day trading on Tuesday, hitting $1,005.57. The company had a trading volume of 144,920 shares, compared to its average volume of 347,949. argenex has a fifty-two week low of $650.01 and a fifty-two week high of $1,009.75. The business’s fifty day moving average is $883.84 and its two-hundred day moving average is $821.99. The firm has a market cap of $62.91 billion, a P/E ratio of 38.60, a P/E/G ratio of 1.05 and a beta of 0.46.

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

Institutional Investors Weigh In On argenex

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Eastern Bank acquired a new position in argenex in the 2nd quarter worth $32,000. Whipplewood Advisors LLC acquired a new stake in shares of argenex in the 1st quarter valued at about $28,000. Sunbelt Securities Inc. bought a new stake in shares of argenex in the third quarter valued at about $36,000. Axiom Investment Management LLC acquired a new position in shares of argenex during the first quarter worth about $50,000. Finally, SBI Securities Co. Ltd. boosted its position in shares of argenex by 268.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 81 shares of the company’s stock worth $68,000 after buying an additional 59 shares during the period. 60.32% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about argenex

Here are the key news stories impacting argenex this week:

• Positive Sentiment: Positive Phase 3 myositis results: argenx reported that its ALKIVIA Phase 3 trial of Vyvgart Hytrulo (efgartigimod) met its primary endpoint in autoimmune myositis. Patients achieved a statistically significant and clinically meaningful improvement in disease activity, including a 15.4-point advantage over placebo at Week 52. The result is particularly important for immune-mediated necrotizing myopathy, a subtype with no approved therapy. argenx Announces Positive Topline Results from Phase 3 ALKIVIA Trial
• Positive Sentiment: Analysts raise targets: Morgan Stanley lifted its target to $1,230 and assigned an “overweight” rating. HC Wainwright raised its target to $1,202 with a “buy” rating, while Piper Sandler increased its target to $1,215 and maintained “overweight.” Wedbush, RBC and Citizens JMP also raised their targets to $1,150, $1,100 and $1,200, respectively, with each maintaining a bullish rating. Collectively, the revisions indicate growing confidence in argenx’s commercial and pipeline prospects. Benzinga analyst price-target coverage
• Positive Sentiment: Broad clinical validation: Reuters reported that efgartigimod met the main goal of the late-stage myositis study, with improvement in disease activity observed across patient groups. The data could expand Vyvgart’s addressable market if supported by subsequent regulatory and commercial progress. Argenx says efgartigimod met main goal in myositis trial

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.