Argenx surged 2.2% to €898.6 on Monday, briefly touching a new 52-week high of €911.4, as the Belgian immunology company extended its upward momentum following a wave of analyst upgrades and raised price targets.
The advance follows positive Phase 3 data for Vyvgart in autoimmune myositis, which has reignited investor interest in the drug’s blockbuster potential. UBS upgraded Argenx from Neutral to Buy and raised its price target from €960 to €1,400, citing expectations that Vyvgart could generate peak annual sales of approximately $20 billion. The firm’s upgrade marked the most aggressive target revision among recent analyst actions.
Deutsche Bank took a divergent view, downgrading Argenx to Hold on August 25, while Berenberg shifted to a Hold rating but lifted its target to €925 from €900. Wells Fargo maintained an Overweight rating and raised its ADR price target to $1,420. The mixed analyst outlook has not dampened the stock’s momentum, which has more than tripled over the past five years and surged nearly 50% since its March low.
The broader market provided little impetus, with U.S. equities essentially flat as the S&P 500 and Nasdaq slipped modestly. The BEL 20, Belgium’s primary benchmark, showed no sector-wide momentum, and no major European Central Bank policy announcements or domestic economic data releases were influencing sentiment at the time of the report.
