Truist assumed coverage of Argenx (ARGX) with a Buy rating with a price target of $918, up from $700. The company represents one of the most compelling investment opportunities in the biotech sector given the strong revenue growth outlook for current Vyvgart franchise in generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, several additional growth levers for Vyvgart, with potential value inflection from the two most advanced programs next year, and diversification and further growth potential from empasiprubart with Phase 3 data approaching next year, the analyst tells investors in a research note. The stock is also trading at a notable relative valuation gap vs. its peers, the firm added.
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