On Monday, Wells Fargo raised its price target on shares of argenx SE (NASDAQ: ARGX) to $542.00, up from the previous target of $478.00, while maintaining an Overweight rating on the stock. The adjustment follows the approval of a broad label for argenx's product in Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) and a higher-than-anticipated pricing structure.
The firm anticipates that the stock will experience an approximate 10% increase as a result of these developments. The analyst expressed optimism about the CIDP launch's potential to surpass expectations and projected that Vyvgart could approach sales of around $2 billion in the fiscal year 2024. In addition to these forecasts, there is an expectation that argenx's pipeline will achieve some victories, but the immediate upside potential for the stock is believed to hinge on the successful commercial execution of CIDP's launch and potential upward revisions to Street estimates.
The firm's stance on argenx shares is positive, with the expectation that Vyvgart's CIDP launch will accelerate quickly. The recent approval of a broad label for Vyvgart in CIDP and the higher net pricing in this indication are seen as likely to provide an advantage to Street models. The analyst recommended buying the stock at the current levels, indicating a strong confidence in the company's commercial strategy and future performance.
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