argenx SE (ARGX) PT Raised to $675 at Oppenheimer

Oppenheimer analyst Leland Gershell raised the price target on argenx SE (NASDAQ: ARGX) to $675.00 (from $646.00) while maintaining a Outperform rating.

The analyst comments "Yesterday ARGX announced clinical proof-of-concept in myositis, with subQ efgart yielding statistically-significant improvement across all three myositis subtypes being evaluated in Phase 2. These chronic and progressive inflammatory conditions are believed to collectively affect ‾87K in the US and represent a high unmet need as they severely impact patients' lives and current treatment options are often inadequate. Enrollment in all three subtypes will continue in the ongoing Phase 2/3 ALKIVIA trial. While we look forward to seeing detailed results at a future medical meeting, we regard yesterday's news as broadening ARGX's leadership in the autoimmune category. We reiterate our Outperform and raise our PT to $675 (from $646) to reflect our stronger conviction that Vyvgart Hytrulo will eventually be indicated to treat several immune-mediated myopathies."

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