Argenx downgraded to Neutral from Outperform at Baird

Baird downgraded Argenx (ARGX) to Neutral from Outperform with a price target of $650, up from $515. The stock is up 65% to a $35B market capitalization over the last six months, driven by the strong last two quarters of revenue along with the R&D day event in July that unveiled the company’s “Vision 2030,” the analyst tells investors in a research note. The firm believes the stock is now pricing in “very strong growth” for Vyvgart over the coming quarters along with some substantial pipeline credit. Meanwhile, it sees the coming months as lighter on catalysts.