argenex (NASDAQ:ARGX) Downgraded to “Strong Sell” Rating by Zacks Research

argenex (NASDAQ:ARGX) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday,Zacks.com reports.

ARGX has been the subject of a number of other research reports. Truist Financial upped their price objective on shares of argenex from $950.00 to $1,030.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Wedbush restated an “outperform” rating and set a $1,000.00 price target on shares of argenex in a research note on Wednesday, January 14th. Wolfe Research reaffirmed a “peer perform” rating on shares of argenex in a report on Monday, November 24th. Royal Bank Of Canada raised their price objective on argenex from $860.00 to $925.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Finally, Stifel Nicolaus boosted their price objective on argenex from $1,028.00 to $1,248.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $986.78.

argenex Trading Down 1.5%

ARGX opened at $814.74 on Thursday. The business has a 50 day moving average of $859.47 and a 200-day moving average of $771.27. The stock has a market capitalization of $50.42 billion, a price-to-earnings ratio of 34.98, a P/E/G ratio of 0.53 and a beta of 0.38. argenex has a 1-year low of $510.05 and a 1-year high of $934.62.

argenex (NASDAQ:ARGX) last announced its earnings results on Thursday, October 30th. The company reported $4.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.37 by $0.03. argenex had a net margin of 41.58% and a return on equity of 29.78%. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.07 billion. Equities analysts predict that argenex will post 3.13 EPS for the current year.

Hedge Funds Weigh In On argenex

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its position in shares of argenex by 14.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 211,330 shares of the company’s stock worth $162,160,000 after purchasing an additional 26,343 shares in the last quarter. Aberdeen Group plc boosted its position in argenex by 28.8% in the second quarter. Aberdeen Group plc now owns 70,293 shares of the company’s stock valued at $38,747,000 after buying an additional 15,703 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in argenex by 40.5% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,611 shares of the company’s stock worth $2,542,000 after buying an additional 1,328 shares during the last quarter. Tandem Capital Management Corp ADV acquired a new stake in shares of argenex during the second quarter worth approximately $450,000. Finally, Jennison Associates LLC increased its holdings in shares of argenex by 6.1% during the second quarter. Jennison Associates LLC now owns 264,647 shares of the company’s stock worth $145,879,000 after buying an additional 15,186 shares in the last quarter. Institutional investors own 60.32% of the company’s stock.

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.