UBS analysts upgraded argenx SE to Buy from Neutral and raised the price target to $1,400 from $960, citing robust sales prospects for the company’s flagship rare disease drug Vyvgart and a successful label expansion.
The upgrade follows data from the Phase 3 ALKIVIA trial, which met its primary endpoint in autoimmune myositis, reinforcing confidence in Vyvgart’s commercial trajectory. UBS now forecasts peak sales for Vyvgart at approximately $20 billion, driven by the positive trial results and broader market adoption. argenx reported 70% revenue growth over the last twelve months, reflecting accelerating demand for its treatments.
Deutsche Bank took a contrasting view, downgrading argenx to Hold from Buy while increasing its price target to €925 from €750. RBC Capital, Citizens, TD Cowen, and H.C. Wainwright maintained Buy ratings, with respective price targets of $1,100, $1,200, $1,353, and $940. Analyst Xian Deng at UBS emphasized the successful launch and expansion of Vyvgart as key drivers behind the upgraded rating.
argenx’s pipeline remains a focal point, with multiple Phase 3 readouts scheduled for 2026 and 2027. The company’s non-Vyvgart drug empasiprubart is also under review, with a Phase 3 trial in multifocal motor neuropathy expected in the fourth quarter. UBS anticipates a positive outcome for the trial.
In a separate development, argenx agreed to acquire Forte Biosciences for $77 per share in cash, valuing the deal at approximately $2.2 billion. The acquisition, set to close in the third quarter, represents a 41% premium to Forte’s prior closing price. The move underscores argenx’s strategy to expand its portfolio beyond Vyvgart amid strong revenue growth and clinical momentum.
