On Friday, Deutsche Bank adjusted its stance on argenx SE (ARGX:BB) (NASDAQ: ARGX), downgrading the stock from Buy to Hold, while maintaining a price target of €500.00. The decision comes after a thorough review of the Phase 3 ADHERE data, which is critical for the company’s current CIDP launch.
The analyst from Deutsche Bank pointed to the recent publication of the complete Phase 3 ADHERE data, which has significant implications for the company’s Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) product launch. This launch has attracted considerable expectations from the market, making the data a key factor in evaluating the company’s prospects.
The accompanying editorial to the Phase 3 ADHERE data publication prompted Deutsche Bank to exercise more caution. The analyst believes that the editorial suggests there are more reasons for caution than optimism regarding the CIDP launch. This perspective has influenced the firm’s decision to adjust their rating.
Despite the downgrade, the price target for argenx remains unchanged at €500.00. The analyst’s comments reflect a reevaluation of the stock’s potential, acknowledging that the share price is already close to the target following an upgrade that occurred after the second quarter.
The downgrade to Hold indicates that Deutsche Bank sees limited upside for argenx shares in the near term, based on the current information available. The unchanged price target suggests that while the long-term outlook remains positive, the short-term expectations for the stock have become more tempered.
In other recent news, argenx SE recorded a significant second-quarter revenue of $489 million in 2024, largely due to product net sales from Vyvgart. Baird, acknowledging this robust performance, revised its price target for argenx to $515 and maintained an Outperform rating. Barclays also upgraded argenx stock from Equalweight to Overweight, highlighting Vyvgart’s promising outlook. Wells Fargo and H.C. Wainwright raised their price targets on argenx shares, citing the company’s strong revenue growth.
Piper Sandler maintained an Overweight rating on argenx shares, expressing confidence in Vyvgart as the preferred first-line biologic treatment for generalized myasthenia gravis (gMG), even in the face of potential competition from Amgen (NASDAQ:)’s Uplizna. H.C. Wainwright also increased the company’s price target, following a notable second-quarter performance from Vyvgart.
In addition to these financial…
Click Here to Read the Full Original Article at All News…
