Argenx upgraded to Outperform from Neutral at Baird

Baird upgraded Argenx (ARGX) to Outperform from Neutral with an unchanged price target of $680. The firm citers valuation for the upgrade after the stock pulled back late last week due to pricing concerns related to the Medicare redesign implement this year. While the lower average revenue per patient on Vyvgart was not fully priced into the market and will continue, the drug remains well positioned for long-term volume-driven revenue growth, the analyst tells investors in a research note. As such, Baird views the recent pullback as creating a more attractive entry opportunity.