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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