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Health Care : Biotechnology | Mid Cap Growth
Based in Netherlands
Company profile

argenx SE, formerly arGEN X BV, is the Netherlands-based biopharmaceutical company. It creates and develops a pipeline of differentiated antibody therapeutics using its discovery platform, Simple Antibody, which exploits characteristics of the llama immune system. The Company develops a pipeline of antibody therapeutics focused on cancer and autoimmune indications. It includes: ARGX-110, an antibody for heme malignancies and solid tumors, which modulates functions of tumor such as cell proliferation and survival; ARGX-111, an antagonist of c-Met, a receptor tyrosine kinase involved in cell proliferation, angiogenesis and metastasis in multiple solid tumors; ARGX-112, an antigen which targets atopic dermatitis by neutralization of IL-20 and IL-22 (interleukin) mediated signaling through blockade of their common receptor, among others.

This security is an American depositary receipt
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Postmarket

Last Trade
Delayed
$293.74
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$293.74
Day's Change
-1.41 (-0.48%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
297.45
Day's Low
292.00
Volume
(Below Average)
Volume:
120,769

10-day average volume:
139,587
120,769

Dow finishes 250 points lower as stock market gains fizzle ahead of bank earnings kickoff

4:38 pm ET October 11, 2021 (MarketWatch)
Print

By Vivien Lou Chen and Mark DeCambre

JPMorgan Chase, Bank of America and Citigroup on deck with quarterly results

All three major U.S. stock indexes finished lower Monday, posting their largest one-day point drops in a week, as investors remained focused on the release of fresh inflation data and third-quarter earnings this week.

The Treasury market was closed in observance of the Columbus Day holiday, but other markets remained open as usual. Wednesday's U.S. consumer-price report for September is the next major data release in the week ahead.

How did major indexes perform?

Stocks wobbled on Friday, but logged weekly gains. The Dow advanced 1.2% last week, while the S&P 500 rose 0.8% and the Nasdaq Composite eked out a 0.1% rise.

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What drove the market?

The path of least resistance was initially higher to start the week of trading, but all three major indexes turned lower on the day after the early rally faded on lingering negative sentiment among investors.

Strategists were still dissecting Friday's jobs report, which showed that 194,000 nonfarm jobs were added in September

"What you saw at the open was really a head fake because futures were negative all morning," said Matthew Tuttle, chief executive and chief investment officer of Tuttle Capital Management in Greenwich, Connecticut. "Buyers came in and tried to rally the market and that failed miserably.""Sentiment is fairly negative," he said by phone. In addition to the prospect of the Fed tapering bond purchases and then raising rates down the road, "there are a whole bunch of inflation numbers this week and people aren't expecting that to be good news in any way, shape or form." Moreover, the S&P 500 is below its 50-day moving average and "if you're trying to sit out there and be a buyer, there's not a whole lot to grab onto."

In One Chart:The 2021 stock-market highs are 'almost certainly' in, unless earnings clear this bar

Analysts have expressed concern that supply-chain issues that have spread throughout the global economy will compress profit margins, and that inflation will limit consumer demand. Investors are awaiting Wednesday's consumer-price index report for September -- which could reflect record gas prices, higher shipping rates, and supply constraints --to determine how much longer price pressures might persist.

The yield on the benchmark 10-year Treasury rose 14 basis points last week to 1.60%, the biggest weekly gain since Feb. 19. The rise in yields for bonds suggest that, at least, fixed-income investors are anticipating that the Fed will reduce its monthly purchases of $120 billion in Treasurys and mortgage-backed securities.

"Friday's U.S. employment report was sufficiently mixed to revive the debate over whether the Fed will really go ahead with the planned tapering next month. Despite the headline miss, the underlying numbers should just about meet Chair [Jerome] Powell's requirement of 'decent' and ensure that the existing schedule remains intact," said Ian Williams, strategist at U.K. broker Peel Hunt.

He added that the third-quarter earnings season will be even more crucial in supporting valuations as yields rise. Major U.S. banks including JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C) are due to report results this week.

Earnings Watch: The biggest risk facing investors this earnings season is lurking just beneath the surface

On the public-health side, Merck & Co. (MRK) submitted an application to the U.S. Food and Drug Administration for emergency authorization of what would be the first pill-based treatment for the deadly illness after the company said data from a Phase 3 trial of the treatment, molnupiravir, the oral antiviral medicine, reduced the risk of hospitalization or death in adults at risk from severe COVID-19 by 50%.

Read: How stock-market investors can make sense of supply-chain chaos"Markets remain over-valued and due for a substantial correction," said Phillip Toews, chief executive of Toews Asset Management. "You need to be implementing risk management steps now, before a big decline potentially plays out. Remember that investing is counterintuitive. The need to act is the greatest when the economy seems fine and all seems on a path to a future rally."

Which companies were in focus?

Howe did other markets fare?

Steven Goldstein contributed reporting to this article.

-Vivien Lou Chen

	

(END) Dow Jones Newswires

October 11, 2021 16:38 ET (20:38 GMT)

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