argenx SE (ARGX) Scores ASH Win in Myasthenia Gravis
The annual meeting for the American Society of Hematology (ASH) has just kicked off. Running from Dec. 9 through Dec. 12 in Atlanta, ASH is always a key meeting for many of the companies involved in hematological cancers and hemoglobinopathies.
argenx SE (NASDAQ:ARGX) was one of many biotechs which saw its stock rising after ASH abstracts were released. Specifically, argenx shares skyrocketed nearly 80% after the biotech company announced positive top-line results from the Phase II study of ARGX-113 in myasthenia gravis (MG). The data showed a clinically meaningful and statistically significant benefit of ARGX-113 over placebo. In addition, ARGX-113 was found to have a favorable tolerability profile consistent with that observed in the Phase 1 study.
“There remains a clear unmet need for a safe and fast-acting treatment for patients with generalized MG, who continue to face serious, potentially life-threatening symptoms associated with their disease,” said Professor James F. Howard Jr., MD, Distinguished Professor of Neuromuscular Disease, professor of neurology, medicine and allied health, and chief of the Neuromuscular Disorders Section in the University of North Carolina School of Medicine, Chapel Hill, NC USA. “These data demonstrate a rapid and sustained benefit in disease score after treatment with ARGX-113, supporting further development of the drug as a potential new option to fill the current treatment gap for MG patients.”
If we turn to the Street, we can see that ARGX stock has a Buy analyst consensus rating on TipRanks. In the last six months, argenx has received 4 buy ratings. These analysts have an average price target on the stock of $35.33. Given that ARGX is currently trading at $54.47, this suggests downside from the current share price of close to 35%.