Stifel keeps Buy rating on argenx after Sjogren's trial failure

Stifel analyst Alex Thompson reiterated a Buy rating and a $1,282.00 price target on argenx SE (NASDAQ: ARGX) after the company's Phase 3 study of efgartigimod in Sjogren's disease was stopped for futility.

Thompson noted the result was a surprise given positive Phase 2 data from Nipocalimab and argenx's proof-of-concept study, adding that placebo response in Sjogren's disease appears high and unpredictable. The analyst said the outcome removes a potential label expansion opportunity, with data previously expected in the second half of 2027.

Thompson said the firm remains optimistic about label expansion in myasthenia gravis and a likely approval in immune-mediated necrotizing myopathy. He also noted that upcoming data in multifocal motor neuropathy for empasiprubart, and a potential launch next year, are underappreciated given unmet medical need.

argenx also announced positive Phase 2 data for recently acquired FB102 in Celiac disease, with the program expected to move into Phase 3.

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