Arngenx Target Price Boosted by Royal Bank Of Canada

Arngenx (NASDAQ:ARGX) has seen its target price boost by Royal Bank Of Canada from $1,025.00 to $1,100.00, according to a note issued to investors on Tuesday. This increase in the price target indicates a potential upside of 11.35% from the company's previous close.

This is not the only analyst upgrade for Arngenx this week. Citizens Jmp has also lifted its target price on shares of the company from $932.00 to $1,200.00 and gave the stock a 'market outperform' rating in a research note on Tuesday. HC Wainwright boosted its target price on Arngenx from $940.00 to $1,202.00 and gave the stock a 'buy' rating in a report on Tuesday.

Argenx has a market cap of $61.80 billion and a price-to-earnings ratio of 37.94. The company's lead product is efgartigimod (marketed as Vyvgart), an FcRn antagonist developed to reduce circulating IgG antibodies and treat IgG-mediated disorders.

The results from the Phase 3 ALKIVIA trial have been positive, with Argenx announcing that efgartigimod met its main goal in treating immune-mediated necrotizing myopathy (IMNM) and dermatomyositis (DM). The company's shares opened at $987.84 on Tuesday.