Argenx upgraded to Buy at Deutsche after ‘solid return’ to U.S. form

As previously reported, Deutsche Bank upgraded Argenx to Buy from Hold with a price target of EUR 500, up from EUR 375. Q2 results from the company “knocked away the last of our concerns with a solid return to US form for Vyvgart, despite Rystiggo’s result, which adds credence to management’s broader total addressable market thesis in the indication, the analyst tells investors in a post-earnings note. Coupled with reduced near-term competitive risks, the derisk on CIDP approval and “far stronger than expected pricing,” the firm now sees a “solid” risk-reward in the coming 12 months, the analyst added.