Argenx SE advanced 2.2% to €898.6 on Thursday, extending gains after UBS upgraded the Belgian biotech to Buy from Neutral and raised its price target to €1,400 from €960. The stock briefly touched €911.4, marking a new 52-week high before paring gains.
The upgrade follows positive Phase 3 ALKIVIA trial results in autoimmune myositis for Vyvgart, Argenx’s lead therapy. UBS now projects peak sales of approximately $20 billion for the drug, citing its potential as a blockbuster treatment. The stock has rallied nearly 50% from its March low of €568.4 and has more than tripled over the past five years.
Other analysts have adjusted their views in response to the clinical progress. Berenberg upgraded its rating to Hold while lifting its price target to €925 from €900, incorporating the updated peak sales outlook. Wells Fargo maintained its Overweight rating but raised its ADR price target to $1,420. Deutsche Bank, however, downgraded Argenx to Hold on August 25 following the stock’s sharp advance from March lows.
The broader market provided little impetus, with U.S. equities essentially flat and the BEL 20 index lacking sector-wide momentum. No policy announcements from the European Central Bank or key Belgian economic data were reported to influence sentiment.
