argenex (NASDAQ:ARGX) Stock Gets Price Target Cut from Morgan Stanley

argenex (NASDAQ:ARGX) had its target price lowered by investment analysts at Morgan Stanley from $1,190.00 to $1,130.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley‘s price target suggests a potential upside of 16.21% from the company’s current price.

Several other research analysts have also weighed in on ARGX. HC Wainwright increased their target price on argenex from $940.00 to $1,202.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Oppenheimer lowered their price target on argenex from $1,100.00 to $1,038.00 and set an “outperform” rating for the company in a research report on Monday, October 12th. Citigroup dropped their price target on argenex from $1,301.00 to $1,232.00 and set a “buy” rating for the company in a research note on Tuesday, October 27th. JPMorgan Chase & Co. restated a “buy” rating on shares of argenex in a report on Wednesday, August 5th. Finally, Royal Bank Of Canada reduced their price objective on argenex from $1,100.00 to $1,025.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $1,155.24.

argenex Price Performance

NASDAQ:ARGX traded down $8.91 during trading hours on Friday, reaching $972.42. 97,559 shares of the company were exchanged, compared to its average volume of 352,396. The firm has a market cap of $61.16 billion, a price-to-earnings ratio of 33.95, a PEG ratio of 0.91 and a beta of 0.48. argenex has a 52-week low of $661.85 and a 52-week high of $1,072.75. The stock has a 50 day simple moving average of $925.74 and a 200 day simple moving average of $860.30.

argenex (NASDAQ:ARGX) last announced its quarterly earnings data on Friday, October 23rd. The company reported $7.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.44 by $0.36. argenex had a net margin of 31.66% and a return on equity of 47.70%. The company had revenue of $1.75 billion during the quarter. On average, analysts predict that argenex will post 28.41 EPS for the current fiscal year.

Hedge Funds Weigh In On argenex

A number of hedge funds have recently made changes to their positions in ARGX. Eastern Bank acquired a new position in shares of argenex during the 2nd quarter valued at $32,000. Harbour Investments Inc. increased its holdings in argenex by 966.7% in the 3rd quarter. Harbour Investments Inc. now owns 64 shares of the company’s stock valued at $62,000 after purchasing an additional 58 shares in the last quarter. Axiom Investment Management LLC acquired a new stake in argenex in the 1st quarter valued at $50,000. Richardson Financial Services Inc. purchased a new position in argenex in the third quarter valued at about $66,000. Finally, Bogart Wealth LLC raised its position in argenex by 2,500.0% in the third quarter. Bogart Wealth LLC now owns 78 shares of the company’s stock valued at $75,000 after purchasing an additional 75 shares during the period. Hedge funds and other institutional investors own 60.32% of the company’s stock.

About argenex

argenx SE is a global immunology company focused on developing medicines for autoimmune diseases. Founded in 2008 and headquartered in the Netherlands, the company uses antibody engineering and other research approaches to identify and develop treatments for conditions with significant unmet medical needs. Its lead medicine is efgartigimod, marketed as Vyvgart and Vyvgart Hytrulo. These products target the neonatal Fc receptor (FcRn) and are approved in the United States for certain patients with generalized myasthenia gravis; Vyvgart Hytrulo is also approved for chronic inflammatory demyelinating polyneuropathy. argenx continues to study efgartigimod in additional diseases and develop other potential therapies. argenx operates internationally, with commercial activities and research collaborations across multiple markets.