argenx (ARGX.O): Shifted and Realigned Ph3 Myositis Expectations Sharpen the Setup Ahead of Topline Data in 3Q26; Reiterate Buy

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argenx (ARGX.O): Shifted and Realigned Ph3 Myositis Expectations Sharpen the Setup Ahead of Topline Data in 3Q26; Reiterate Buy

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24 Jun 2026 06:29:23 ET │ 11 pages

argenx (ARGX.O)

Shifted and Realigned Ph3 Myositis Expectations Sharpen the Setup

Ahead of Topline Data in 3Q26; Reiterate Buy

CITI’S TAKE Buy

At argenx’s R&D Day, management effectively recalibrated the Street’s Price (23 Jun 26 16:00) US$853.40

expectations ahead of Ph3 ALKIVIA data in autoimmune myositis in 3Q26. Target price US$1,152.00

After engaging and aligning with FDA, the primary analysis for ALKIVIA will

Expected share price return 35.0% now be assessed by each individual disease subset (IMNM, DM) rather

than the total study population. The change was prompted by data from Expected dividend yield 0.0%

the Ph2 portion of the study, where the positive signal on change-in-TIS Expected total return 35.0%

(p=0.004) was primarily driven by a stat sig benefit in IMNM. Importantly, Market Cap US$52,811M

management stressed there was also a clear positive Ph2 signal in DM,

although small sample size was limiting in this subset. This sets argenx up

with two distinct shots-on-goal for label expansion with separate

planned filings to FDA for each disease subset. We expect the Street will Samantha Semenkow, Ph.D.AC

take some time to digest the strategy shift, but continue to see a strong +1-716-730-7388

probability of a positive outcome across both IMNM and DM. samantha.semenkow@citi.com

Benjamin E. Paluch,Ph.D.

IMNM: High probability-of-success opportunity – Management’s enthusiasm and +1-716-730-8388

confidence in the IMNM opportunity was evident during the R&D presentation. From benjamin.paluch@citi.com

a clinical data perspective, IMNM drove the stat sig Ph2 signal on change in TIS across