Argenx downgraded to Neutral from Buy at UBS

UBS analyst Xian Deng downgraded Argenx to Neutral from Buy with a price target of $570, up from $480. Commercial uncertainties still remain for CIDP after positive data published on July 17, but this does not change the firm’s positive view on the megabuster potential of Vyvgart given its 12 pipeline indications, but reverse NPV analysis suggests the current share price implies the probability of success of 75% for $7B in pipeline sales, the analyst tells investors in a research note. UBS prefers to reassess closer to the next major catalysts, the pemphigus readout due in H2 and thyroid eye disease pivotal trial start due in Q4.