Argenx's Vyvgart To 'Achieve Blockbuster Status,' This Analyst Says With 6% Price Target Hike

  • HC Wainwright is bullish on Argenx SE's ARGX Vyvgart (efgartigimod). "We think it's becoming obvious that Vyvgart is going to be a blockbuster sooner rather than later, as it establishes leadership in gMG and is poised to add new indications as well as a more patient-friendly SC formulation over the next 2-3 years," HC Wainwright notes.
  • It raised the price target to $425 from $400.
  • Vyvgart is approved for generalized myasthenia gravis (gMG), characterized by weakness and rapid fatigue of any of the muscles under your voluntary control.
  • But at the beginning of the year, there was some uncertainty regarding the shape of its launch curve. Argenx posted Q2 sales of $75 million, nearly 3x the analyst's estimate of $27 million.
  • Roughly 1,400 patients are on therapy globally, well past the 600 the analyst modeled. 
  • European approval is expected in 3Q. The application for SC efgartigimod in gMG remains on track to be filed by year-end. Topline data from the registrational trial of SC efgartigimod for chronic inflammatory demyelinating polyneuropathy is due in 1Q23. 
  • HC Wainwright raised estimates for Vyvgart to $341 million for 2022, $684 million for 2023, and $1.16 billion in 2024, up from $113 million, $330 million, and $686 million, respectively. 
  • Price Action: ARGX shares are down 2.41% at $363.97 during the market session on the last check Friday.
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