Argenx price target raised to $130 from $125 at Wedbush

Wedbush analyst David Nierengarten raised his price target for Argenx to $130 from $125 as the ASH abstract for its Phase 1/2 study of cusatuzumab in newly diagnosed AML patients unfit for intensive chemo impressed with a reported ORR of 92%, an MRD-negativity rate of 42% and a safety profile comparable to SOC azacitidine. The analyst also decreased his discount rate on the program to 30% from 40% while pushing back his commercial launch estimate a year to Q1 of 2022 to account for the development time needed for a confirmatory AML study in newly-diagnosed patients. He reiterates an Outperform rating on the shares.
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