argenx - Riding the efgartigimod wave in gMG… and beyond
We revisited argenx' investment case and zoom in on recent clinical and regulatory achievements and competitive positioning of efgartigimod (‘efgar') for generalized myasthenia gravis (gMG) and immune thrombocytopenia (ITP).Our SoTP valuation indicates a EUR 320 TP. Considering 1/ the rather modest upside of 10% to the closing price on May 31 and 2/ the fact that we consider the main catalysts within the next 12 months to be the readouts from 2 pivotal studies in ITP and CIDP (chronic inflammatory demyelinating polyneuropathy) in Q1 23, we reinitiate the stock with a HOLD rating.Argenx 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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