Argenx jumps after FDA okays its neuromuscular disorder drug

argenx SE

24/06/2024 08:59

** Shares in Argenx  ARGX.BR  jump around 7% to December
highs after the U.S. Food and Drug Administration (FDA) approved
its Vyvgart Hytrulo under-the-skin injection for treatment of
neuromuscular disorder chronic inflammatory demyelinating
polyneuropathy (CIDP)
    ** J.P.Morgan, which rates the stock "overweight", sees the
CIDP launch driving strong growth, which could exceed
expectations in 2025
    ** "We also see the current valuation as very attractive,
with the shares trading below the value of Vyvgart MG and CIDP
sales, with zero priced in for Vyvgart expansion into new
indications and for the earlier stage Argenx pipeline," JPM says
    ** "Argenx meets and exceeds our expectations with a broad
label approval for CIDP ... which unlocks Vyvgart regardless of
prior therapies," KBC Securities notes
    ** KBC upgrades its peak sales estimate from $3.05 billion
to $3.76 billion (2.85-3.51 billion euros) 
    ** The stock tops Belgium's blue-chip index  .BEL20 


(1 euro = $1.0702)

 (Reporting by Dagmarah Mackos)
 ((dagmarah.mackos@thomsonreuters.com))