Morgan Stanley Issues Positive Forecast for argenex (NASDAQ:ARGX) Stock Price

argenex (NASDAQ:ARGX) had its price objective hoisted by equities research analysts at Morgan Stanley from $1,170.00 to $1,180.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 38.27% from the company’s current price.

ARGX has been the topic of a number of other research reports. Glj Research upgraded shares of argenex to a “strong-buy” rating in a research note on Friday, April 3rd. Oppenheimer dropped their price objective on shares of argenex from $1,060.00 to $1,014.00 and set an “outperform” rating for the company in a research note on Thursday, April 2nd. Robert W. Baird raised their price objective on shares of argenex from $858.00 to $867.00 and gave the stock a “neutral” rating in a report on Friday, February 27th. Wedbush reiterated an “outperform” rating and set a $1,000.00 target price on shares of argenex in a research report on Thursday, June 11th. Finally, Guggenheim lifted their target price on shares of argenex from $1,120.00 to $1,135.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,023.39.

argenex Trading Down 5.6%

Shares of ARGX stock opened at $853.40 on Wednesday. argenex has a 12 month low of $510.05 and a 12 month high of $934.62. The company has a market capitalization of $53.07 billion, a P/E ratio of 38.00, a P/E/G ratio of 1.38 and a beta of 0.47. The stock has a 50 day moving average of $827.60 and a two-hundred day moving average of $809.89.

argenex (NASDAQ:ARGX) last released its quarterly earnings data on Tuesday, March 31st. The company reported $5.52 earnings per share (EPS) for the quarter. The business had revenue of $1.31 billion for the quarter. argenex had a return on equity of 44.37% and a net margin of 31.31%. Sell-side analysts predict that argenex will post 26.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. M&T Bank Corp raised its stake in shares of argenex by 20,977.7% in the fourth quarter. M&T Bank Corp now owns 778,610 shares of the company’s stock valued at $654,772,000 after acquiring an additional 774,916 shares during the last quarter. Sands Capital Management LLC boosted its holdings in shares of argenex by 2,046.6% in the 4th quarter. Sands Capital Management LLC now owns 356,870 shares of the company’s stock worth $300,110,000 after acquiring an additional 340,245 shares in the last quarter. Invesco Ltd. grew its position in argenex by 390.4% during the 4th quarter. Invesco Ltd. now owns 416,408 shares of the company’s stock worth $350,178,000 after acquiring an additional 331,489 shares during the last quarter. Wellington Management Group LLP grew its position in argenex by 80.1% during the 3rd quarter. Wellington Management Group LLP now owns 729,986 shares of the company’s stock worth $538,408,000 after acquiring an additional 324,653 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in argenex by 570.3% during the 3rd quarter. Two Sigma Investments LP now owns 294,160 shares of the company’s stock valued at $216,961,000 after purchasing an additional 250,278 shares in the last quarter. 60.32% of the stock is owned by institutional investors.

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.