Citigroup Issues Pessimistic Forecast for argenex (NASDAQ:ARGX) Stock Price

argenex (NASDAQ:ARGX) had its target price dropped by investment analysts at Citigroup from $1,124.00 to $1,091.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 38.37% from the company’s current price.

A number of other research firms have also weighed in on ARGX. Wells Fargo & Company lifted their price objective on shares of argenex from $1,095.00 to $1,316.00 and gave the company an “overweight” rating in a research report on Thursday, December 11th. Piper Sandler lifted their target price on shares of argenex from $820.00 to $930.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Wedbush boosted their price target on shares of argenex from $880.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Friday, November 14th. Robert W. Baird restated a “neutral” rating and issued a $858.00 price objective (down previously from $924.00) on shares of argenex in a research report on Thursday, December 18th. Finally, JPMorgan Chase & Co. boosted their target price on argenex from $925.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $986.72.

argenex Stock Performance

NASDAQ ARGX opened at $788.49 on Thursday. The firm’s fifty day moving average is $870.63 and its two-hundred day moving average is $753.45. argenex has a one year low of $510.05 and a one year high of $934.62. The firm has a market cap of $48.55 billion, a PE ratio of 33.86, a P/E/G ratio of 0.50 and a beta of 0.38.

argenex (NASDAQ:ARGX) last released its quarterly 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 return on equity of 29.78% and a net margin of 41.58%.The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.07 billion. Research analysts predict that argenex will post 3.13 earnings per share for the current year.

Institutional Investors Weigh In On argenex

Institutional investors have recently modified their holdings of the company. Ameriflex Group Inc. purchased a new position in argenex in the 3rd quarter valued at approximately $32,000. Sunbelt Securities Inc. acquired a new stake in argenex in the third quarter valued at $36,000. Aventura Private Wealth LLC purchased a new position in shares of argenex in the fourth quarter valued at $38,000. Bessemer Group Inc. raised its stake in shares of argenex by 276.5% during the 3rd quarter. Bessemer Group Inc. now owns 64 shares of the company’s stock worth $47,000 after buying an additional 47 shares during the last quarter. Finally, MAI Capital Management boosted its position in shares of argenex by 866.7% in the 2nd quarter. MAI Capital Management now owns 87 shares of the company’s stock worth $48,000 after buying an additional 78 shares in the last quarter. Hedge funds and other 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.