Truist Financial Reaffirms Buy Rating for argenx (NASDAQ:ARGX)

Truist Financial reiterated their buy rating on shares of argenx (NASDAQ:ARGX - Free Report) in a research note issued to investors on Tuesday,Benzinga reports. Truist Financial currently has a $700.00 price target on the stock, up from their prior price target of $660.00.

Several other equities analysts have also commented on ARGX. William Blair upgraded shares of argenx from a "market perform" rating to an "outperform" rating in a research report on Friday, November 1st. Raymond James reaffirmed a "strong-buy" rating and issued a $605.00 price target on shares of argenx in a report on Thursday, October 10th. Wedbush reissued an "outperform" rating and set a $655.00 price objective on shares of argenx in a research note on Tuesday, December 3rd. Wells Fargo & Company raised their price objective on argenx from $639.00 to $723.00 and gave the company an "overweight" rating in a research note on Thursday, December 19th. Finally, Evercore ISI boosted their target price on argenx from $675.00 to $706.00 and gave the company an "outperform" rating in a research report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $658.39.

argenx Stock Performance

Shares of ARGX traded down $4.80 during midday trading on Tuesday, hitting $665.60. 388,015 shares of the company traded hands, compared to its average volume of 279,439. The stock has a market cap of $40.18 billion, a price-to-earnings ratio of -756.36 and a beta of 0.59. The firm has a 50 day moving average of $615.14 and a 200-day moving average of $551.05. argenx has a 52 week low of $349.86 and a 52 week high of $678.21.

argenx (NASDAQ:ARGX - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $1.29. argenx had a negative return on equity of 1.45% and a negative net margin of 2.11%. The company had revenue of $588.88 million during the quarter, compared to analyst estimates of $543.29 million. During the same period in the prior year, the company earned ($1.25) earnings per share. Sell-side analysts predict that argenx will post 2.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On argenx

A number of hedge funds and other institutional investors have recently modified their holdings of ARGX. Cromwell Holdings LLC raised its holdings 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 purchasing an additional 66 shares in the last quarter. GAMMA Investing LLC grew its position in shares of argenx by 47.5% in the 3rd quarter. GAMMA Investing LLC now owns 174 shares of the company's stock worth $94,000 after buying an additional 56 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of argenx during the 2nd quarter worth approximately $76,000. Fulton Bank N.A. purchased a new stake in argenx during the fourth quarter valued at approximately $226,000. Finally, Blue Trust Inc. boosted its stake in argenx by 413.9% in the third quarter. Blue Trust Inc. now owns 370 shares of the company's stock valued at $201,000 after acquiring an additional 298 shares in the last quarter. 60.32% of the stock is currently owned by institutional investors.

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.