argenx (NASDAQ:ARGX) Shares Gap Down – Here’s What Happened

argenx SE (NASDAQ:ARGX) shares gapped down prior to trading on Friday . The stock had previously closed at $595.04, but opened at $572.41. argenx shares last traded at $571.79, with a volume of 103,579 shares traded.

Analysts Set New Price Targets

ARGX has been the topic of several recent research reports. JMP Securities lifted their price target on shares of argenx from $497.00 to $606.00 and gave the stock a “market outperform” rating in a research report on Friday, November 1st. William Blair upgraded shares of argenx from a “market perform” rating to an “outperform” rating in a report on Friday, November 1st. Baird R W lowered shares of argenx from a “strong-buy” rating to a “hold” rating in a report on Friday, November 1st. Oppenheimer lifted their price objective on shares of argenx from $560.00 to $646.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Wolfe Research raised argenx from a “peer perform” rating to an “outperform” rating and set a $697.00 target price for the company in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $619.79.

argenx Stock Performance

The firm’s 50-day moving average price is $552.45 and its two-hundred day moving average price is $479.91. The firm has a market capitalization of $34.28 billion, a price-to-earnings ratio of -646.78 and a beta of 0.61.

argenx (NASDAQ:ARGX) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $0.10 by $1.29. argenx had a negative net margin of 2.11% and a negative return on equity of 1.45%. The company had revenue of $588.88 million during the quarter, compared to analyst estimates of $543.29 million. During the same quarter last year, the business posted ($1.25) earnings per share. As a group, equities research analysts anticipate that argenx SE will post 2.2 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. grew its position in shares of argenx by 21.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 1,300 shares of the company’s stock valued at $512,000 after purchasing an additional 230 shares during the period. US Bancorp DE boosted its position in argenx by 15.6% during the 1st quarter. US Bancorp DE now owns 3,782 shares of the company’s stock worth $1,489,000 after acquiring an additional 511 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of argenx by 6.3% in the first quarter. ProShare Advisors LLC now owns 2,181 shares of the company’s stock worth $859,000 after purchasing an additional 129 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in argenx by 2.5% in the first quarter. Orion Portfolio Solutions LLC now owns 9,335 shares of the company’s stock valued at $3,675,000 after purchasing an additional 228 shares in the last quarter. Finally, Cynosure Group LLC acquired a new stake in shares of argenx in the first quarter valued at about $673,000. 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.