argenx (NASDAQ:ARGX) Hits New 12-Month High - Should You Buy?

On Thursday, argenx SE (NASDAQ:ARGX) reached a notable milestone by hitting a new 52-week high during mid-day trading. The stock price peaked at $589.60 before settling at $580.60, with a total trading volume of 48,891 shares. This marked an increase from the previous closing value of $551.71.

Changes in Analyst Ratings

Several research analysts have recently revised their ratings on argenx shares. For instance, Robert W. Baird raised their price target for argenx from $490.00 to $515.00, recommending an "outperform" rating as of July 29. Similarly, Wedbush increased their price objective from $519.00 to $560.00, also issuing an "outperform" rating on July 26. HC Wainwright's report on the same day adjusted its price target from $504.00 to $533.00 and maintained a "buy" rating. Truist Financial was another firm to boost its target from $480.00 to $540.00, giving it a "buy" rating. Citigroup later raised its price target from $512.00 to $635.00 on October 17, providing a "buy" recommendation. Currently, a total of four analysts have given the stock a hold rating, while 17 analysts have rated it as a buy, and one has assigned a strong buy rating. According to MarketBeat, the consensus rating for argenx is "Moderate Buy" with an average price target of $550.44.

Performance of argenx Stock

In the latest trading sessions, argenx's stock appreciated by approximately 5.6%. This surge reflects growing confidence among investors driven by the company's promising product pipeline. As of now, argenx boasts a market capitalization of $34.64 billion, a price-to-earnings (P/E) ratio of -104.42, and a beta of 0.63. The stock's 50-day simple moving average stands at $536.03, while the 200-day simple moving average is at $462.82.

Institutional Investments in argenx

Recent institutional trading activity shows significant interest in argenx. Price T Rowe Associates Inc. MD increased its shares in the first quarter by 49.8%, now owning 5,504,506 shares valued at approximately $2.17 billion. Janus Henderson Group PLC also raised its position by 24.8%, acquiring 2,216,648 shares worth $872.69 million. Clearbridge Investments LLC increased its holdings by 36.5%, now owning 596,277 shares valued at $234.77 million. Additionally, Perpetual Ltd and Logos Global Management LP made new investments worth around $76.31 million and $58.06 million respectively. Overall, institutional investors hold approximately 60.32% of argenx's stock.

About argenx

argenx SE is a biotechnology company focused on developing therapies for autoimmune diseases across various regions including the United States, Japan, Europe, the Middle East, Africa, and China. The company's lead candidate, efgartigimod, is designed to treat multiple autoimmune conditions, including myasthenia gravis, immune thrombocytopenia, and other related disorders.

Should You Invest in argenx?

As investors consider whether to invest in argenx, it's important to note that while the company currently has a "Moderate Buy" rating from analysts, some top-rated researchers have identified other stocks they believe are better investment opportunities. Understanding the broader market landscape and evaluating individual investment strategies are essential before making any decisions.

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