Argenx stock target lifted to $761 by TD Cowen, maintains buy

Published 28/02/2025, 00:26
Argenx stock target lifted to $761 by TD Cowen, maintains buy

On Thursday, TD Cowen demonstrated confidence in argenx SE (NASDAQ: ARGX), with a significant price target increase from $721.00 to $761.00, while reaffirming a Buy rating on the stock. According to InvestingPro data, argenx maintains a "GREAT" financial health score of 3.06, with notably low price volatility (Beta: 0.24) and strong market presence with a $38 billion market capitalization. The adjustment follows argenx’s robust performance, particularly the impressive revenue generated by Vyvgart. In the fourth quarter, Vyvgart sales reached $737 million, marking a 29% increase quarter-over-quarter. Furthermore, projections for the full year 2024 anticipate revenues to surge by 78% year-over-year to $2.2 billion. This growth trajectory aligns with the company’s remarkable 85.56% revenue growth in the last twelve months. Get deeper insights into argenx’s growth potential with InvestingPro, which offers 12 additional exclusive ProTips and comprehensive financial analysis.

The analyst at TD Cowen, Yaron Werber, highlighted key regulatory milestones that are anticipated to impact argenx’s future. These include decisions on Progressive Familial Sclerosis (PFS) in the European Union for Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) in the first half of 2025, in the United States for generalized Myasthenia Gravis (gMG)/CIDP with a Prescription Drug User Fee Act (PDUFA) date set for April 10, 2025, and in Japan for gMG/CIDP in the second half of 2025.

Werber also noted that argenx is on track with its clinical programs. The Phase 3 intravenous immunoglobulin (IVIg) switch study for CIDP, the Phase 3 trial for seronegative MG, and the Phase 2 study for Lupus Nephritis (LN) are all expected to progress in the second half of 2025. Additionally, the Phase 2 trial for Empaveli (Empa) in Delayed Graft Function (DGF) and the Phase 1b study for ARGX-119 in Congenital Myasthenic Syndrome (CMS) are seen as providing potential overlooked upside, also slated for the latter half of 2025.

In light of these developments, TD Cowen has raised the peak sales estimate for Vyvgart in the treatment of gMG/CIDP to $7.3 billion, an increase of $477 million from previous forecasts. This revision reflects the strong momentum and potential of argenx’s portfolio, as the company continues to advance its clinical and regulatory agenda. InvestingPro analysts maintain a strong consensus recommendation of 1.5 (Strong Buy), with price targets ranging from $524 to $881, suggesting potential upside. Discover the complete analysis in InvestingPro’s comprehensive research report, part of their coverage of 1,400+ top US stocks.

In other recent news, argenx SE has reported preliminary fourth-quarter 2024 revenues of $737 million, exceeding both Truist Securities’ estimate of $646 million and the consensus projection of $651 million. Analysts from Jefferies have also noted that argenx’s global net sales for Vyvgart and Vyvgart Hytrulo surpassed consensus estimates by approximately 14%, reinforcing their confidence in the company’s growth trajectory. Piper Sandler has raised its price target for argenx to $725, citing increased estimates for the Vyvgart franchise, which is expected to continue its commercial success.

Analysts from H.C. Wainwright have adjusted their price target for argenx to $717, maintaining a Buy rating and emphasizing the company’s promising pipeline, including the lead asset, efgartigimod. Truist Securities has also upgraded argenx’s stock rating to Buy, with a new price target of $700, highlighting the company’s potential to exceed its "Vision 2030" goals. Jefferies has further increased its price target to $772, reflecting their positive outlook on argenx’s business priorities and pipeline developments for 2025.

These recent developments underscore the confidence that multiple analyst firms have in argenx’s ability to achieve profitability in 2025 and expand its market reach. Piper Sandler has identified argenx as a top pick within the sector, anticipating that the company’s ongoing commercial performance and future pipeline developments will continue to drive growth. The firm’s analysts have expressed optimism about the biopharmaceutical sector, citing argenx’s strong momentum and potential for further upside despite macroeconomic challenges.

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