Report
Thomas Vranken

argenx FIRST LOOK : Efgar Fails to Outperform Placebo in Pemphigus

SC efgar fails to beat placebo in the pivotal ADDRESS trial for pemphigus patients on concomitant steroids. Background steroid levels showed a 70% reduction in DSG-1 and DSG-3 autoantibodies, leaving little room for Vyvgart to deliver additional clinical value. We remove pemphigus from our SOTP and proactively apply a 3-year delay on BP. Our new TP stands at € 435, and we adopt an Accumulate rating.
Underlying
ArGEN-X SE

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.

Provider
KBC Securities
KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Analysts
Thomas Vranken

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