UBS upgraded its rating on argenx SE to Buy from Neutral and raised its price target to $1,400 from $960, citing stronger-than-expected sales prospects for the company’s flagship therapy Vyvgart.
The upgrade follows recent clinical readouts and revised revenue forecasts for Vyvgart, which has seen its shares climb 44% over the past year to $1,019.49. UBS now projects peak annual sales for Vyvgart at approximately $20 billion, driven by expanding indications, including better-than-expected Phase 3 trial results in autoimmune myositis. Multiple Phase 3 readouts are scheduled through 2026 and 2027, with the ALKIVIA study in myositis contributing to the upgraded outlook.
Analyst Xian Deng also highlighted argenx’s revenue growth of 70% over the trailing twelve months, as the company’s shares have more than tripled over the past five years. The firm’s second asset, empasiprubart, is expected to report Phase 3 results in the fourth quarter for multifocal motor neuropathy, adding another potential revenue stream.
Separately, argenx agreed to acquire Forte Biosciences for $77 per share in cash, valuing the deal at roughly $2.2 billion—a 41% premium to Forte’s last closing price. The acquisition is slated to close in the third quarter of 2026.
Other firms have adjusted their price targets following the ALKIVIA Phase 3 results. RBC Capital raised its target to $1,100, Citizens to $1,200, and TD Cowen to $1,353, citing 2027 revenue expectations. Deutsche Bank downgraded argenx to Hold from Buy but lifted its target to €925, while H.C. Wainwright maintained its Buy rating with a $940 target.
