argenx (NASDAQ:ARGX) Sets New 52-Week High Following Better-Than-Expected Earnings

argenx SE (NASDAQ:ARGX) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $589.60 and last traded at $580.60, with a volume of 48891 shares. The stock had previously closed at $551.71.

The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $1.29. The firm had revenue of $588.88 million during the quarter, compared to the consensus estimate of $543.29 million. argenx had a negative net margin of 12.31% and a negative return on equity of 7.33%. During the same quarter in the prior year, the company earned ($1.25) EPS.

Analyst Upgrades and Downgrades

ARGX has been the topic of several recent research reports. JMP Securities lifted their target price on shares of argenx from $497.00 to $606.00 and gave the company a “market outperform” rating in a report on Friday. JPMorgan Chase & Co. boosted their price objective on argenx from $500.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Truist Financial increased their target price on argenx from $540.00 to $660.00 and gave the company a “buy” rating in a research note on Thursday. Robert W. Baird lowered argenx from an “outperform” rating to a “neutral” rating and boosted their price target for the stock from $515.00 to $650.00 in a research report on Friday. Finally, Oppenheimer increased their price objective on shares of argenx from $560.00 to $646.00 and gave the company an “outperform” rating in a research report on Friday. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $596.78.

Institutional Investors Weigh In On argenx

Several institutional investors and hedge funds have recently bought and sold shares of ARGX. Price T Rowe Associates Inc. MD grew its holdings in shares of argenx by 49.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,504,506 shares of the company’s stock valued at $2,167,235,000 after purchasing an additional 1,830,651 shares during the last quarter. Janus Henderson Group PLC boosted its position in argenx by 24.8% during the 1st quarter. Janus Henderson Group PLC now owns 2,216,648 shares of the company’s stock valued at $872,690,000 after purchasing an additional 439,889 shares during the period. Avoro Capital Advisors LLC grew its stake in argenx by 0.3% during the 1st quarter. Avoro Capital Advisors LLC now owns 1,238,467 shares of the company’s stock worth $487,609,000 after buying an additional 3,900 shares during the last quarter. Clearbridge Investments LLC increased its position in argenx by 3.6% in the second quarter. Clearbridge Investments LLC now owns 617,466 shares of the company’s stock worth $265,535,000 after buying an additional 21,189 shares during the period. Finally, Sei Investments Co. increased its position in argenx by 15.2% in the second quarter. Sei Investments Co. now owns 381,544 shares of the company’s stock worth $164,079,000 after buying an additional 50,477 shares during the period. Institutional investors and hedge funds own 60.32% of the company’s stock.

argenx Stock Up 1.6 %

The business has a 50 day simple moving average of $537.88 and a 200-day simple moving average of $464.29. The company has a market capitalization of $35.61 billion, a P/E ratio of -676.80 and a beta of 0.63.

About argenx

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.