Deutsche Bank downgraded argenx SE to neutral from buy on Monday, citing the biotech firm’s strong share performance and limited upside despite positive clinical developments.
The bank raised its price target for argenx to €925 from €900, marking a second increase in two months. In July, Deutsche Bank had already lifted its target by 20% to €900. The upgrade followed positive Phase 3 ALKIVIA study results for Vyvgart in myositis, which aligned with the bank’s prior assumptions. Deutsche Bank also modestly raised its peak sales forecast for Vyvgart to $14 billion.
Arggenx shares have surged nearly 50% since Deutsche Bank’s buy recommendation in March, bringing the 12-month return to 58%. The stock currently trades at $1,005, 4% below its 52-week high of $1,059. InvestingPro analysis continues to classify the shares as undervalued relative to fair value.
Other analysts have also revised their targets upward following the ALKIVIA study. RBC Capital raised its price target to $1,100, while Citizens set a new target at $1,200. TD Cowen lifted its target to $1,353, citing higher projected revenue for Vyvgart in fiscal 2027. H.C. Wainwright maintained its $940 target after argenx announced an acquisition.
The company agreed to acquire Forte Biosciences for $77 per share in cash, a 41% premium over Forte’s last closing price. The deal, valued at approximately $2.2 billion, is expected to close in the third quarter of 2026.
