argenx: Upgrading To Buy, The VYVGART Growth Cycle Has Further To Go

I upgrade argenx to BUY with a $1,050 price target, citing sustained VYVGART growth, label expansion, and a strong balance sheet. VYVGART's commercial momentum is robust, with expanded indications, at-home administration, and a growing prescriber base supporting long-term growth. Pipeline optionality, notably empasiprubart and autoimmune myositis, provides meaningful upside not fully reflected in ARGX's current valuation. ARGX's double-digit growth, near 30% operating margins, and $4.9B liquidity underpin a premium multiple and self-funding profitability. I view the acquisition of Forte Biosciences as strategically attractive for ARGX. Investment thesis and company overview I am upgrading Argenx ( ARGX )( ARGNF ) to BUY from HOLD because of the following reasons: a) continued positive commercial execution, b) label expansion, and c) balance-sheet de-risking, which has increased my confidence