Short Interest in argenx SE (NASDAQ:ARGX) Drops By 5.3%

argenx SE (NASDAQ:ARGX) was the target of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 1,960,000 shares, a drop of 5.3% from the November 15th total of 2,070,000 shares. Based on an average daily volume of 260,400 shares, the days-to-cover ratio is presently 7.5 days.

argenx Stock Up 4.2 %

Shares of argenx stock opened at $632.64 on Tuesday. The business’s fifty day simple moving average is $583.23 and its 200-day simple moving average is $517.38. The firm has a market cap of $38.19 billion, a PE ratio of -718.91 and a beta of 0.59. argenx has a 52 week low of $327.73 and a 52 week high of $643.63.

argenx (NASDAQ:ARGX) last announced its earnings results 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. The company had revenue of $588.88 million during the quarter, compared to analyst estimates of $543.29 million. argenx had a negative net margin of 2.11% and a negative return on equity of 1.45%. During the same quarter last year, the firm posted ($1.25) earnings per share. As a group, equities analysts expect that argenx will post 2.2 earnings per share for the current year.

Institutional Trading of argenx

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of argenx by 35.9% in the third quarter. FMR LLC now owns 4,793,472 shares of the company’s stock valued at $2,598,445,000 after buying an additional 1,265,486 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in argenx in the 3rd quarter valued at about $88,339,000. Perpetual Ltd purchased a new stake in argenx during the third quarter worth about $76,314,000. Logos Global Management LP acquired a new stake in shares of argenx during the second quarter worth about $58,055,000. Finally, Wellington Management Group LLP boosted its stake in shares of argenx by 13.0% in the third quarter. Wellington Management Group LLP now owns 482,346 shares of the company’s stock valued at $261,470,000 after purchasing an additional 55,617 shares during the period. Hedge funds and other institutional investors own 60.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ARGX. Wells Fargo & Company raised their price target on shares of argenx from $547.00 to $639.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Piper Sandler raised their target price on argenx from $553.00 to $620.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. boosted their price target on argenx from $640.00 to $670.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Citigroup raised their price objective on argenx from $512.00 to $635.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Robert W. Baird lowered shares of argenx from an “outperform” rating to a “neutral” rating and upped their target price for the stock from $515.00 to $650.00 in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, argenx currently has an average rating of “Moderate Buy” and a consensus price target of $635.11.

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.