Oppenheimer more bullish on Argenx, upgrades to Outperform

As previously reported, Oppenheimer upgraded Argenx to Outperform from Perform with a $546 price target. The firm says it became constructive on the shares following its physician survey that reveals strong enthusiasm to adopt Vyvgart Hytrulo in its newly-approved CIDP indication; management’s tempering expectations around the initial pace of uptake given time needed to secure payor agreements; and the company’s recent investor event that drives Oppenheimer’s conviction in medium-term pipeline prospects as well as in Argenx’s ability to generate additional high-value drug assets in the longer-term.