argenx: Leadership Transition, Pipeline Strength, and Commercial Expansion Support Buy Rating and $915 Target

H.C. Wainwright analyst Douglas Tsao has maintained their bullish stance on ARGX stock, giving a Buy rating today.

Douglas Tsao has given his Buy rating due to a combination of factors tied to argenx’s leadership, strategy, and pipeline strength. He views the planned transition from Tim Van Hauwermeiren to Karen Massey as CEO as an orderly handover that should preserve strategic continuity, particularly around the Vision 2030 plan to expand to 10 labeled indications and treat 50,000 patients by 2030. Massey’s track record in executing that initiative and her focus on upcoming 2026 clinical readouts in ocular MG, ITP, and myositis, as well as on maximizing the MG and CIDP franchises, supports confidence in ongoing operational execution. The appointment of a seasoned commercialization leader from major pharma companies is seen as an important step in building a robust commercial platform as argenx scales into a multi-product, multi-indication biopharmaceutical company.

Tsao’s valuation work also underpins the Buy rating and $915 price target, which is derived from applying an 8x multiple to his 2035 discounted, risk-adjusted revenue estimate of $6.81 billion. He assigns differentiated probabilities of success across the pipeline, fully crediting efgartigimod in MG and CIDP while partially risk-adjusting other indications and early-stage assets such as ARGX-117, ARGX-116, and ARGX-119 based on their development stages and existing efficacy signals. The validated anti-FcRn mechanism and broad geographic launch in MG provide further support for the long-term revenue outlook. While he acknowledges regulatory, clinical, commercial, and reimbursement risks, Tsao believes the company’s strong balance sheet, commitment to both internal R&D and external innovation, and expanding commercial capabilities justify a positive risk‑reward profile consistent with a Buy recommendation.