argenex (NASDAQ:ARGX) Sets New 12-Month High – Here’s Why

argenex SE (NASDAQ:ARGX)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $893.52 and last traded at $889.64, with a volume of 279312 shares trading hands. The stock had previously closed at $869.83.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ARGX. JPMorgan Chase & Co. raised their price objective on shares of argenex from $830.00 to $925.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. HC Wainwright increased their target price on shares of argenex from $774.00 to $915.00 and gave the company a “buy” rating in a research report on Friday, October 31st. TD Cowen lifted their price target on shares of argenex from $800.00 to $1,146.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Stifel Nicolaus set a $882.00 price objective on argenex in a research note on Thursday, September 18th. Finally, Deutsche Bank Aktiengesellschaft lowered argenex from a “buy” rating to a “hold” rating in a report on Thursday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $879.28.

argenex Price Performance

The company has a 50 day simple moving average of $789.68 and a 200-day simple moving average of $667.22. The stock has a market cap of $55.49 billion, a P/E ratio of 38.63, a price-to-earnings-growth ratio of 0.90 and a beta of 0.45.

argenex (NASDAQ:ARGX) last posted its quarterly earnings results on Thursday, October 30th. The company reported $4.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.37 by $0.03. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.07 billion. argenex had a net margin of 41.58% and a return on equity of 29.78%. As a group, research analysts expect that argenex SE will post 3.13 earnings per share for the current year.

Institutional Trading of argenex

A number of institutional investors have recently modified their holdings of ARGX. Bank of New York Mellon Corp raised its position in argenex by 124.5% during the 1st quarter. Bank of New York Mellon Corp now owns 14,283 shares of the company’s stock valued at $8,454,000 after purchasing an additional 7,921 shares during the last quarter. Cerity Partners LLC increased its stake in shares of argenex by 45.3% during the first quarter. Cerity Partners LLC now owns 4,654 shares of the company’s stock valued at $2,755,000 after buying an additional 1,452 shares during the period. New York State Common Retirement Fund increased its stake in shares of argenex by 1.1% during the first quarter. New York State Common Retirement Fund now owns 64,250 shares of the company’s stock valued at $38,027,000 after buying an additional 716 shares during the period. Kornitzer Capital Management Inc. KS bought a new position in shares of argenex during the first quarter valued at approximately $533,000. Finally, Cullen Frost Bankers Inc. lifted its stake in argenex by 95.6% in the first quarter. Cullen Frost Bankers Inc. now owns 133 shares of the company’s stock worth $79,000 after acquiring an additional 65 shares during the period. 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.