argenx (NASDAQ:ARGX) Hits New 52-Week High on Analyst Upgrade

argenx SE (NASDAQ:ARGX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday after Citigroup raised their price target on the stock from $512.00 to $635.00. Citigroup currently has a buy rating on the stock. argenx traded as high as $558.28 and last traded at $557.58, with a volume of 72443 shares changing hands. The stock had previously closed at $543.84.

Several other research analysts also recently weighed in on ARGX. Stifel Nicolaus upped their target price on argenx from $485.00 to $500.00 and gave the stock a "buy" rating in a research note on Monday, June 24th. JPMorgan Chase & Co. increased their price objective on shares of argenx from $500.00 to $640.00 and gave the company an "overweight" rating in a report on Friday, August 23rd. Piper Sandler upped their price target on shares of argenx from $522.00 to $535.00 and gave the stock an "overweight" rating in a research report on Monday, June 24th. Bank of America reaffirmed a "buy" rating and issued a $607.00 price target (up from $535.00) on shares of argenx in a research note on Monday, June 24th. Finally, Wedbush boosted their price objective on argenx from $519.00 to $560.00 and gave the stock an "outperform" rating in a research note on Friday, July 26th. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $550.44.

Institutional Investors Weigh In On argenx

Institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in 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 worth $2,167,235,000 after purchasing an additional 1,830,651 shares during the period. Janus Henderson Group PLC grew its holdings in shares of argenx by 24.8% in the first 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 in the last quarter. Clearbridge Investments LLC increased its stake in argenx by 36.5% during the 1st quarter. Clearbridge Investments LLC now owns 596,277 shares of the company's stock worth $234,766,000 after buying an additional 159,480 shares during the period. Perpetual Ltd acquired a new stake in argenx during the 3rd quarter worth approximately $76,314,000. Finally, Logos Global Management LP purchased a new position in argenx in the 2nd quarter valued at approximately $58,055,000. 60.32% of the stock is currently owned by institutional investors and hedge funds.

argenx Price Performance

The company's 50 day simple moving average is $531.17 and its 200 day simple moving average is $452.30. The firm has a market cap of $33.58 billion, a price-to-earnings ratio of -99.17 and a beta of 0.63.

argenx (NASDAQ:ARGX - Get Free Report) last released its earnings results on Thursday, July 25th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.89) by $1.34. argenx had a negative return on equity of 7.33% and a negative net margin of 12.31%. The firm had revenue of $489.43 million during the quarter, compared to analyst estimates of $436.66 million. During the same period last year, the business posted ($1.69) earnings per share. As a group, analysts forecast that argenx SE will post -0.37 earnings per share for the current year.

argenx Company Profile

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.