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Here’s Why argenx SE (ARGX) Pulled Back 23% in Q4

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was -14.55%. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy featured stocks like Argenx SE (NASDAQ:ARGX) in the fourth quarter 2023 investor letter. Headquartered in Amsterdam, the Netherlands, Argenx SE (NASDAQ:ARGX) is a biotechnology company. On March 28, 2024, Argenx SE (NASDAQ:ARGX) stock closed at $393.72 per share. One-month return of Argenx SE (NASDAQ:ARGX) was 3.61%, and its shares gained 6.46% of their value over the last 52 weeks. Argenx SE (NASDAQ:ARGX) has a market capitalization of $23.348 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Argenx SE (NASDAQ:ARGX) in its fourth quarter 2023 investor letter:

"Our preference within Health Care is for novel therapies to address unmet medical needs, specialized providers, and innovators. Argenx SE (NASDAQ:ARGX) is a global immunology company focused on autoimmune diseases. Third quarter revenue was above the consensus, while the loss per share was lower than anticipated. Vyvgart sales grew nicely over the quarter and exceeded projections. Management gave a detailed account of its pipeline and clinical trials. In late November, the company announced the Advance SC trial failed to meet the primary or secondary endpoints in patients with advanced immune thrombocytopenia. This caused a -23% pullback in the stock and we added to our position."

A lab setting filled with scientific equipment and researchers in lab coats working together to develop new therapies for autoimmune diseases.

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Argenx SE (NASDAQ:ARGX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Argenx SE (NASDAQ:ARGX) was held by 53 hedge fund portfolios, down from 48 in the previous quarter, according to our database.

We discussed Argenx SE (NASDAQ:ARGX) in another article and shared ClearBridge Mid Cap Strategy's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.