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On Monday, Truist Securities adjusted its price target for argenx SE (NASDAQ: ARGX), a biotechnology firm, to $540 from the previous $480, while maintaining a Buy rating on the stock.
This change reflects the firm's response to argenx's recent R&D event where the company unveiled its ambitious "Vision 2030" plan. The strategy outlines goals to introduce five new molecules, expand into ten indications, and reach 50,000 patients under treatment by the year 2030.
The biotechnology firm's roadmap to achieve these targets includes label expansion in seronegative and ocular myasthenia gravis (MG), frontline usage, and the broadening of indications for efgartigimod, with three go or no-go decisions expected by the end of 2024.
Additionally, argenx plans to manage the lifecycle of ARGX-213, which is cited as a significant innovation, and to advance novel molecules such as empasiprubart into Phase 3 trials within the same year.
Truist Securities' optimistic outlook is further bolstered by promising data which has led to the inclusion of Sjogren's disease (SjD) in the sum-of-the-parts (SOTP) valuation of argenx.
The firm also increased the technology value assigned to argenx based on the impressive developments presented at the R&D event. The analyst from Truist Securities reiterated a Buy rating, underscoring confidence in the company's potential and strategic direction.
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