Argenx selloff on failed study a buying opportunity, says Wells Fargo

Wells Fargo recommends using the weakness in shares of Argenx following the failed Vyvgart primary immune thrombocytopenia study as a buying opportunity. The stock in premarket trading is down 13%, or $65.06, to $430.71. The indication is “probably not dead,” but the probability of success for U.S. and Europe needs to go lower, the analyst tells investors in a research note. While the failure is surprising, the news does not change much as the probability of success remains high for Vyvgart’s other indications, says Wells. The firm sees a selloff over $20 per share, the impact of pushing out approval by three years in ITP, as a buying opportunity. Wells has an Overweight rating on Argenx with a $610 price target.