argenx SE (ARGX) PT Raised to $1,185 at Guggenheim
Guggenheim analyst Yatin Suneja raised the price target on argenx SE (NASDAQ: ARGX) to $1,185.00 (from $1,135.00) while maintaining a Buy rating.
The analyst commented: "Our key takeaways from ARGX's 2Q results include: (1) global Vyvgart sales came in at ~$1.516B (+17% q/q; +60% y/y), a clear beat vs. consensus' ~$1.427BE, with strength across every region and continued growth in both MG and CIDP (note Japan included a one-time ~$25MM benefit, but underlying growth remains very strong); (2) Early seronegative gMG (+11K addressable patients) launch metrics are impressive — >80% of seronegative treaters covered, ~55% of U.S. commercial lives with policies in place within 10 weeks, and a clear "halo effect" on the broader gMG business; (3) Pipeline catalysts remain squarely in focus, with myositis (ALKIVIA) Ph3 topline in 3Q26 (independent readouts in IMNM and DM — no alpha split confirmed on the call; while the Street is bullish into the IMNM readout, we are a bit cautious) and empasiprubart (EMPASSION) Ph3 in MMN in 4Q26 (head-to-head vs IVIG, non-inferiority primary with superiority upside); (4) profitability continued to improve, with operating profit reaching $494MM (+146% y/y), operating margin ~32%, and mgmt reiterating a clear path of continued margin expansion as operating leverage builds. EPS came in at $7.32 vs. consensus' $6.14E. Today's update further strengthens the EMPASSION quality and durability of ARGX's growth story, extending its leadership in MG and CIDP while layering in potential pipeline-driven upside, supporting sustained, high confidence long-term growth. We have updated our model to reflect reported financial results. Reiterate BUY; PT raised to $1,185 from $1,135."