Argenx selloff misses growth potential for PFS format, says Wedbush

Wedbush analyst David Nierengarten says investors reacted negatively to Argenx’s (ARGX) Q1 earnings, but the current share price undervalues the opportunity in the “core” MG and CIDP franchises, and completely ignores the pipeline. The firm’s view is that Argenx can provide market-beating growth for the rest of the decade. The shares sold off after Q1 earnings, largely due to concerns about worsening gross-to-net as the PFS format caused a shift of Medicare patients from Part B to Part D and its higher deductible. But Wedbush thinks the selloff misses the growth potential for the PFS format, as it provides a significant step-up in patient convenience. The firm has an Outperform rating on the shares with a price target of $715.