Scotiabank upgrades Argenx on Vyvgart upside, pipeline optionality

Scotiabank upgraded Argenx (ARGX) to Outperform from Sector Perform with a price target of $715, up from $439. The firm sees upside potential for the shares driven by Vyvgart sales and key trial outcomes and Phase 3 starts expected over the next 12 months. Steady quarter-over-quarter growth in the myasthenia gravis treatment segment supports the “entrenched status” of Vyvgart as the anti-FcRn therapy of choice, the analyst tells investors in a research note. Scotiabank also sees reasonable probability of success for a Phase 3 go decision in myositis, expected by year-end, which it believes would be positive for the stock.