Goldman Sachs analyst Graig Suvannavejh initiated coverage of Argenx (ARGX) with a Buy rating and $154 price target while adding the shares to his firm’s Pan-Europe Conviction List. The company has “unique” antibody technology and a “promising” Phase 3 asset in efgartigimod for the treatment of severe autoimmune disorders, Suvannavejh tells investors in a research note. He believes efgartigimod has a “best-in-class profile” and could reach peak global risk-adjusted sales of EUR 1.6B. Further, Argenx has been advancing cusatuzumab, a novel anti-CD70 antibody for potential use in blood cancers, says the analyst. Suvannavejh also upgraded Orchard Therapeutics (ORTX) to Buy from Neutral and raised his price target for the shares to $21 from $18. The analyst projects $1.2B in peak global sales or Orchard’s leading programs and sees “limited” clinical risk. With multiple sets of clinical data expected throughout 2019 on three late-stage candidates currently in registrational trials, anticipated news flow in 2019 could position shares of Orchard well for potential appreciation, Suvannavejh writes.
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