Oppenheimer analyst Leland Gershell raised the firm’s price target on Argenx (ARGX) to $646 from $560 and keeps an Outperform rating on the shares. Argenx’s net product revenue easily beat consensus estimates and Vyvgart Hytrulo’s launch into CIDP appears to be going well, the analyst says. While management didn’t formally break out revenue per indication, commentary indicated that initial CIDP uptake is approximating that seen early in the gMG trajectory, implying $20M CIDP sales in the first commercial quarter with the expanded label, supporting robust expectations for CIDP market capture, Oppenheimer says.
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