Analyst Tazeen Ahmad from Bank of America Securities reiterated a Buy rating on Argenx Se and increased the price target to $942.00 from $887.00.
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Tazeen Ahmad’s rating is based on the strong performance and growth potential of Argenx’s Vyvgart. The company reported impressive second-quarter revenues for Vyvgart, surpassing expectations with a 20% quarter-over-quarter increase. Looking ahead, the third-quarter revenue is projected to exceed $1 billion, driven by the expansion into new geographic markets and the approval of a prefilled syringe, which is expected to enhance the drug’s accessibility and usage.
Furthermore, the potential for Vyvgart’s growth in treating chronic inflammatory demyelinating polyneuropathy (CIDP) and generalized myasthenia gravis (gMG) is significant. Surveys indicate that Vyvgart could achieve a peak market share of 40% in CIDP, with first-line use expanding. In gMG, physicians anticipate continued growth, supported by the new prefilled syringe formulation. These factors, combined with a positive market outlook and strategic growth initiatives, underpin the Buy rating for Argenx.
In another report released on October 15, Wells Fargo also maintained a Buy rating on the stock with a $1,057.00 price target.