By Sam Boughedda
Investing.com — Argenx NV ADR (NASDAQ:ARGX) shares rose more than 8% as investors react to the announcement that the U.S. Food and Drug Administration has approved Vyvgart.
The announcement, made after the bell Friday, means the medication is approved to treat a muscular disorder called generalized myasthenia gravis (gMG) in adults who test positive for the anti-acetylcholine receptor. In addition, Argenx said Vyvgart is the first-and-only FDA-approved neonatal Fc receptor blocker.
Argenx shares are currently sitting just under the $336 level. Analysts have adjusted price targets following the announcement.
Piper Sandler raised its price target to $375 from $354, keeping an overweight rating based on the Vyvgart news. However, analyst Allison Bratzel said she sees barriers to the immediate uptake and does not expect a commercial outperformance in the first few quarters of the launch of the medication.
Raising its price target to $395 from $390, Wells Fargo analyst Derek Archila told investors there is some modest upside for Argenx shares following Friday's news. Archila believes the Street is underappreciating the upside in the stock.
Elsewhere, Raymond James increased its target to $455 from $390, Credit Suisse raised to $340 from $297, Truist increased to $365 from $350, and BofA raised to $383 from $323.