Argenx Shares Surge to New Highs Following Analyst Upgrades

Shares of argenx SE (NASDAQ: ARGX) reached a new 52-week high on October 31, 2023, trading as high as $855.70 before settling at $848.70. This surge followed a day of robust trading, with approximately 92,220 shares exchanged, up from a previous close of $832.35.

The impressive stock performance aligns with a series of optimistic analyses from various equity research firms. Notably, HC Wainwright raised its price target for argenx from $774.00 to $915.00 and maintained a “buy” rating. This adjustment came in a report released on the same day the stock hit its new high. Similarly, Jefferies Financial Group set a target of $818.00 with a “buy” recommendation in a report dated August 26, 2023.

Other firms have also expressed confidence in argenx’s potential. Guggenheim reasserted its “buy” rating and set a target price of $1,070.00 in a report from September 18, 2023. Meanwhile, Piper Sandler increased its target from $820.00 to $930.00, while Bank of America adjusted its target from $880.00 to $887.00 in a report released on September 2, 2023.

Analytical consensus surrounding argenx indicates a “Moderate Buy” rating, with one analyst issuing a “Strong Buy” recommendation, twenty analysts advocating for a buy, and three maintaining a hold rating. According to data provided by MarketBeat.com, the average target price for argenx sits at $864.68.

Institutional Investors Take Notice

Amidst the recent stock performance, several institutional investors have adjusted their holdings in argenx. WPG Advisers LLC acquired a new stake in the company valued at approximately $37,000 during the first quarter. In a notable move, the Brooklyn Investment Group increased its stake by 102.7%, now holding 75 shares valued at $44,000 after acquiring an additional 38 shares.

Furthermore, Bessemer Group Inc. raised its stake by an impressive 276.5%, owning 64 shares valued at $47,000 after purchasing an additional 47 shares. MAI Capital Management also significantly increased its stake by 866.7%, owning 87 shares valued at $48,000 following an additional purchase of 78 shares. Additionally, Mather Group LLC acquired a new stake worth around $50,000 during the third quarter.

Currently, institutional investors and hedge funds collectively hold 60.32% of argenx’s outstanding shares, highlighting the growing interest in the company.

About Argenx

argenx SE is a biotechnology firm focused on developing therapies for autoimmune diseases across various regions, including the United States, Japan, Europe, the Middle East, Africa, and China. Its lead product candidate, efgartigimod, targets conditions such as myasthenia gravis, immune thrombocytopenia, and chronic inflammatory demyelinating polyneuropathy, among others.

As argenx continues to make strides in both stock performance and therapeutic development, investor confidence appears to be on a steady rise, reflecting the firm’s potential for growth in the competitive biotechnology landscape.