Royal Bank Of Canada Boosts argenex (NASDAQ:ARGX) Price Target to $925.00

argenex (NASDAQ:ARGX) had its target price increased by analysts at Royal Bank Of Canada from $860.00 to $925.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 6.67% from the stock’s previous close.

Several other research analysts have also commented on the stock. Wall Street Zen raised shares of argenex from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. JPMorgan Chase & Co. upped their price target on shares of argenex from $925.00 to $1,100.00 and gave the stock an “overweight” rating in a report on Monday, December 8th. Truist Financial boosted their price objective on shares of argenex from $700.00 to $918.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Morgan Stanley raised their target price on shares of argenex from $1,070.00 to $1,110.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Finally, Citigroup lifted their price objective on argenex from $1,041.00 to $1,124.00 and gave the company a “buy” rating in a report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $972.44.

argenex Stock Performance

Shares of ARGX traded up $15.76 during midday trading on Wednesday, hitting $867.18. 101,103 shares of the company traded hands, compared to its average volume of 369,783. The stock has a market cap of $53.39 billion, a price-to-earnings ratio of 37.23, a PEG ratio of 0.86 and a beta of 0.37. The firm has a 50 day moving average of $865.62 and a 200-day moving average of $722.06. argenex has a 52 week low of $510.05 and a 52 week high of $934.62.

argenex (NASDAQ:ARGX) last announced its quarterly earnings results on Thursday, October 30th. The company reported $4.40 EPS for the quarter, beating 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 analyst estimates of $1.07 billion. Sell-side analysts predict that argenex will post 3.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameriflex Group Inc. purchased a new stake in argenex in the third quarter valued at about $32,000. Sunbelt Securities Inc. purchased a new position in shares of argenex in the 3rd quarter valued at approximately $36,000. WPG Advisers LLC acquired a new stake in argenex in the 1st quarter worth approximately $37,000. Brooklyn Investment Group grew its position in argenex by 102.7% during the 1st quarter. Brooklyn Investment Group now owns 75 shares of the company’s stock worth $44,000 after purchasing an additional 38 shares during the last quarter. Finally, Bessemer Group Inc. increased its stake in argenex by 276.5% during the 3rd quarter. Bessemer Group Inc. now owns 64 shares of the company’s stock valued at $47,000 after purchasing an additional 47 shares in the last quarter. 60.32% of the stock is currently owned by hedge funds and other institutional investors.

About argenex

argenx SE, a biotechnology company, engages in the developing of various therapies for the treatment of autoimmune diseases in the United States, Japan, Europe, Middle East, Africa, and China. Its lead product candidate is efgartigimod for the treatment of patients with myasthenia gravis, immune thrombocytopenia, pemphigus vulgaris, generalized myasthenia gravis, chronic inflammatory demyelinating polyneuropathy, thyroid eye disease, bullous pemphigoid, myositis, primary sjögren’s syndrome, post-covid postural orthostatic tachycardia syndrome, membranous nephropathy, lupus nephropathy, anca-associated vasculitis, and antibody mediated rejection; ENHANZE SC; Empasiprubart for multifocal motor neuropath, delayed graft function, and dermatomyositis; and ARGX-119 for congenital myasthenic syndrome and amyotrophic lateral sclerosis.