argenx SE (ARGX) PT Raised to $720 at H.C. Wainwright

H.C. Wainwright analyst Douglas Tsao raised the price target on argenx SE (NASDAQ: ARGX) to $720.00 (from $717.00) while maintaining a Buy rating.

The analyst commented: "Management noted the PFS would have a higher GTN than the ~12% now enjoyed by Vyvgart as self-administration patients will transition from Medicare Part B to Part D since the value-based agreement (VBA) with payers would not apply to Part D plans. The company will also need to account for the Medicare Part D redesign which puts an obligation on manufacturers for catastrophic coverage. Roughly 50% of Vyvgart patients are on Medicare. Management believed the increased patient volumes would offset the increase in GTN. The company also has the option to price up PFS if necessary. Management noted it expected typical seasonality to affect 1Q performance and estimated a higher single-digit Q/Q growth in 1Q (6% in 1Q24). Furthermore, the company plans to introduce Vyvgart in an autoinjector in 2027, aiming to increase the administration options and maximize patient assessment. We raised our sales estimates, leading to the PT increase to $720 from $717."

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