Oppenheimer raises argenx stock price target to $1,040 on higher Vyvgart sales

Investing.com - Oppenheimer raised its price target on argenx SE (NASDAQ:ARGX) to $1,040.00 from $778.00 on Wednesday, while maintaining an Outperform rating on the stock. The biotech company currently trades at $918.53, just 1% below its 52-week high of $934.13.

The significant price target increase reflects Oppenheimer’s revised model projecting higher expected sales for Vyvgart in its major approved indications, including generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP), as well as new value contributions from expansion opportunities within myasthenia gravis. This aligns with the company’s impressive 92.98% revenue growth over the last twelve months.

Oppenheimer now forecasts 2026-2028 total revenue of $6.5 billion, $8.0 billion, and $10.1 billion, exceeding consensus estimates of $5.8 billion, $6.9 billion, and $8.2 billion for the same periods.

The firm’s earnings per share projections for 2026-2028 stand at $31.10, $40.75, and $55.48, compared to Street expectations of $28.82, $38.54, and $49.70, respectively.

Argenx shares have gained 48% year-to-date, outperforming the XBI biotech index which has risen 28% during the same period, with Oppenheimer anticipating further outperformance based on development program progress with five Phase 3 readouts expected in 2026.

In other recent news, argenx SE reported Vyvgart revenue of $1.13 billion for the third quarter, marking a significant 19% increase from the previous quarter and a 96% rise year-over-year. This performance exceeded consensus estimates of $1.06 billion, marking the first time Vyvgart has surpassed $1 billion in quarterly revenue. Piper Sandler responded by raising its price target for argenx to $930, maintaining an Overweight rating due to the strong quarterly results. TD Cowen also increased its price target to $1,146, citing a solid third-quarter performance driven by robust uptake of Vyvgart globally. Stifel adjusted its price target to $882, expressing increased confidence in argenx’s maturing pipeline, particularly after positive data in seronegative myasthenia gravis. Meanwhile, Oppenheimer reaffirmed its Outperform rating following positive clinical data in congenital myasthenic syndromes. These developments reflect a continued positive outlook from analysts on argenx’s performance and potential.

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