Argenx's (ARGX) phase 3 data on Vyvgart reduce the uncertainty around its potential $1.5 billion to $2 billion autoimmune myositis opportunity, Oppenheimer said.
The phase 3 study of Vyvgart achieved its primary endpoint for the combined dermatomyositis and immune-mediated necrotizing myopathy, or IMNM, population, the investment firm said in a Monday note, noting IMNM as the therapy's "most derisked" path to approval.
In the IMNM subgroup, Vyvgart-treated patients showed a 14.8-point greater improvement in mean Total Improvement Score versus placebo at week 52, a statistically significant result with a p-value of 0.0048, Oppenheimer added.
The results are a testament to the company's pipeline-in-a-product strategy, bringing it closer to entering rheumatology as a second therapeutic category, according to the note
Oppenheimer raised its price target on argenx to $1,100 from $1,037, while keeping its outperform outlook.
Shares of Argenx were up 1.1% in Tuesday trading.
Price: 998.83, Change: +10.99, Percent Change: +1.11
