argenx - One-two punch but let's not forget the bigger picture
*We summarized our key takeaways from yesterday's conference and analyst call following the Pemphigus study setback. *Despite two setbacks for ITP and Pemphigus in less than a month, we maintain our believe in ARGX's equity story which is currently mainly centered around Efgartigimod as a pipeline-in-a-product. If we also omit estimates related to CIDP and Bullous Pemphigoid from our model, our equity value/share still amounts to EUR 287. Hence, at the current share price, an investor gets CIDP (for which we anticipate approval mid-2024) pretty much for free.*We maintain our Buy rating on the name. On top of additional readoutsArgenx N.V. is a clinical-stage biotechnology company developing a deep pipeline of differentiated antibody-based therapies for the treatment of severe autoimmune diseases and cancer. Utilizing its suite of differentiated technologies, Co. is focused on developing product candidates with the potential to be either first-in-class against novel targets or best-in-class against known, but complex, targets in order to treat diseases with a significant unmet medical need.
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