Vyvgart Looking for Strength in Myositis

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Vyvgart Looking for Strength in Myositis

Quick Note

June 24, 2026 arGEN-X N.V. (ARGX)

Rating: Vyvgart Looking for Strength in MyositisOUTPERFORM

Price:

$903.75 ARGX held an R&D Day focused on Vyvgart in autoimmune myositis, highlighting

12-Month Price Target: disease biology, detailed Ph 2 ALKIVIA data, physician perspectives, and the

$1,000.00 commercial opportunity. Notably, ARGX updated its development strategy to

prioritize immune-mediated necrotizing myopathy (IMNM) and dermatomyositis

(DM) as distinct registration opportunities, while moving away from polymyositis

Analysts (PM). We view this as a positive development for approval probability, given that

David Nierengarten, Ph.D. IMNM and DM showed strong efficacy signals in the Ph 2. ARGX also highlighted

(415) 274-6862 what it believes are blockbuster opportunities in both IMNM and DM, reinforcingDavid.Nierengarten@wedbush.com

our view that myositis could become a meaningful contributor to long-term growthDennis Pak

(415) 263-6647 beyond MG and CIDP. Based on the strength of the Ph 2 dataset, supportive disease

Dennis.Pak@wedbush.com biology, and consistency of Ph 3 enrollment characteristics, we remain confident in

Martin Fan, Ph.D. the ongoing registrational study and anticipate a positive topline readout in 3Q26.

(213) 688-3404 Key takeaways from the analyst event are highlighted below.

Martin.Fan@wedbush.com

Management emphasized the strong biological rationale for FcRn inhibition in

autoimmune myositis, noting that disease-specific autoantibodies are present

across myositis subtypes and correlate with distinct clinical phenotypes (Figure

1). Preclinical studies have demonstrated that efgartigimod can restore muscle

function, reduce muscle necrosis, and reverse lung fibrosis in autoantibody-driven