Argenx (ARGX) stock pushed higher on Aug. 26 after UBS issued a bullish note in favor of the biotech firm, citing a stronger outlook for its flagship Vyvgart franchise. Analyst Xian Deng upgraded ARGX this morning to "Buy" and raised her price target significantly to $1,400, indicating potential upside of about 37% from current levels. Note that Argenx shares have already been a blockbuster investment for 2026, currently up more than 50% versus their year-to-date low.
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In the ALKIVIA Phase 3 trial, Argenx's subcutaneous formulation demonstrated promising results across both immune-mediated necrotizing myopathy and dermatomyositis. Following the data, Deng believes there's now a clearer route for Vyvgart to reach about $20 billion in peak sales. Her probability-adjusted estimate stands at $18 billion, roughly 15% above consensus.
Investors should also note that Barchart currently holds an average "100% BUY" opinion on ARGX shares, reinforcing that technical momentum also points to continued upside ahead. Beyond Vyvgart, the UBS analyst sees potential for ARGX to evolve into a broader immunology platform. The company is advancing empasiprubart, an experimental C2-targeting antibody, in several indications, with Phase 3 results from the EMPASSION study in multifocal motor neuropathy expected in the fourth quarter of 2026.
The drug is also being evaluated in CIDP and other potential applications. That upcoming catalyst could be particularly important for investors. Deng argues that the growing pipeline helps address a longstanding concern surrounding Argenx's reliance on Vyvgart.
"Argenx will no longer be a single-drug company," she wrote, pointing to the increasingly broad mid-stage pipeline. The biotech firm expects its clinical pipeline to reach 10 molecules by the end of 2026, while it continues developing additional FcRn programs and other immunology candidates. Crucially, UBS isn't alone in recommending buying Argenx stock at current levels.
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