On Tuesday, Piper Sandler expressed a positive outlook on argenx SE (NASDAQ:ARGX) shares, raising the price target to $725 from the previous $620, while maintaining an Overweight rating.
Piper Sandler's analysts increased their estimates for argenx's Vyvgart franchise, which is being developed for the treatment of generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP).
The adjustment in the price target and estimates follows new neurologist surveys on the gMG space and calculations for various CIDP launch scenarios.
As a result, Piper Sandler's worldwide Vyvgart revenue forecasts have been raised to $679 million for Q4 2024, $2,128 million for the full year 2024, and $3,268 million for the full year 2025. These figures represent an increase from the previous estimates of $631 million, $2,080 million, and $3,078 million, respectively.
The firm believes that argenx will continue to see commercial success with Vyvgart, which will propel the stock higher throughout the fiscal year 2025. The positive sentiment is also supported by the potential of argenx's pipeline beyond the treatments for MG/CIDP, which could provide additional upside.
Piper Sandler's analysts have identified argenx as a top pick within the sector and encourage investors to buy shares, anticipating that the company's ongoing commercial performance and future pipeline developments will lead to further appreciation in stock value.
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