Argenx Price Target Up as RBC Notes Positive Late-stage Autoimmune Myositis Treatment Data

12:48 AM EDT, 08/18/2026 (MT Newswires) -- RBC Capital Markets raised its price target for Argenx (ARGX.BR), citing the Belgium-listed immunology company's positive phase 3 data for Vyvgart Hytrulo in the treatment of autoimmune myositis. In a Monday note, analysts said the immune-mediated necrotizing myopathy data was a "slam dunk," as the results mirror the phase 2 findings, and approval "seems very likely" given its breakthrough therapy designation from the US Food and Drug Administration. "On [dermatomyositis], the trial technically misses the stats (p=0.1093) but the TIS benefit is actually consistent with IMNM (14.5 points vs 14.8 points), the Phase III clearly outperformed the Phase II (in contrast with what usually happens in Biotech) and we like that brepocitinib is being reviewed by the FDA under priority review based on a similar magnitude of the benefit (TIS benefit of 15.3 vs 14.5). Overall, we think approval is likely based on the current evidence and in the context of a drug that is safe and already approved for multiple indications," the note said. The research firm added that if the US FDA plans to "play hardball," Argenx could run a larger trial in the indication. "Bottom line, we think approval for DM is when, not if," analysts said. Against this backdrop, RBC raised the outperform-rated stock's price target to $1,100 from $1,025. On the earnings side, the research firm trimmed its revenue projection for full-year 2028 and reduced its 2027 to 2028 operating EPS forecasts.