argenx (NASDAQ:ARGX) Rating Increased to Sector Outperform at Scotiabank

argenx (NASDAQ:ARGX) was upgraded by Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research report issued on Tuesday, FinViz reports. The brokerage presently has a $715.00 target price on the stock. Scotiabank’s price objective would suggest a potential upside of 21.46% from the company’s current price.

A number of other research firms have also recently commented on ARGX. Citigroup lifted their target price on argenx from $512.00 to $635.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Guggenheim boosted their price target on argenx from $585.00 to $665.00 and gave the company a “buy” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft cut argenx from a “buy” rating to a “hold” rating in a research report on Friday, October 4th. Raymond James restated a “strong-buy” rating and issued a $605.00 price target on shares of argenx in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. boosted their price target on argenx from $640.00 to $670.00 and gave the company an “overweight” rating in a research report on Monday. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $615.50.

argenx Price Performance

argenx stock opened at $588.67 on Tuesday. argenx has a 1-year low of $327.73 and a 1-year high of $610.73. The stock has a market cap of $35.20 billion, a PE ratio of -668.94 and a beta of 0.61. The stock’s fifty day moving average is $539.46 and its two-hundred day moving average is $467.19.

argenx (NASDAQ:ARGX) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $1.29. argenx had a negative return on equity of 0.96% and a negative net margin of 2.11%. The company had revenue of $588.88 million for the quarter, compared to analysts’ expectations of $543.29 million. During the same period last year, the firm earned ($1.25) earnings per share. On average, research analysts expect that argenx will post -0.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. J.Safra Asset Management Corp grew its position in argenx by 590.0% in the second quarter. J.Safra Asset Management Corp now owns 69 shares of the company’s stock worth $30,000 after buying an additional 59 shares during the last quarter. Blue Trust Inc. grew its position in argenx by 620.0% in the second quarter. Blue Trust Inc. now owns 72 shares of the company’s stock worth $28,000 after buying an additional 62 shares during the last quarter. GAMMA Investing LLC grew its position in argenx by 51.3% in the second quarter. GAMMA Investing LLC now owns 118 shares of the company’s stock worth $51,000 after buying an additional 40 shares during the last quarter. Cromwell Holdings LLC grew its position in argenx by 73.3% in the third quarter. Cromwell Holdings LLC now owns 156 shares of the company’s stock worth $85,000 after buying an additional 66 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in argenx in the second quarter worth approximately $76,000. Institutional investors and hedge funds own 60.32% of the company’s stock.

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.