Piper Sandler analyst Allison Bratzel maintains an Overweight rating on Argenx shares following this morning’s news that the FDA has pushed the PDUFA date for subQ efgartigimod out by three months to June 20. While calling the extension "puzzling," the firm suspects it is "more an issue of FDA under-resourcing than anything fundamental with the BLA package itself." Piper, which "fully" expects a U.S. subQ approval by June, remain buyers of the stock with a $465 price target as this news does not change its view that Argenx "has scarcity value as a wholly-owned commercial growth story."
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