argenx - Setback in Pemphigus, Bullous pemphigoid under review
*This morning, ARGX reported a negative outcome of the ADDRESS trial for the Pemphigus indication. Surprisingly, the low steroid dose in the placebo arm drove significant Dsg1/3 reduction sending patients into complete sustained remission; VYVGART® Hytrulo had little room to deliver further benefit. ARGX will drop the Pemphigus indication.*Also, ARGX decided to not make a GO/NO-GO decision in the BALLAD study and will take today's learnings into account to revise the trial design.*We cut our TP to EUR 502 but maintain our conviction in the name. Buy reiterated in light of the 2024 news flow incl. (additional) readouts for EfgarArgenx 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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