Deutsche Bank moved Argenx from Hold to Buy and set a new price target of €725, reflecting what it views as a markedly more attractive entry point given recent share pullback and mixed fourth-quarter results. The upgrade follows a roughly 10% share decline since late February and accounts for improved R&D outlook and management transition stability.

Analysts highlight that with Vyvgart’s peak sales now estimated above $10 billion, the stock trades at under four times that peak, while the company holds about $4 billion in cash—roughly 10% of its market capitalization. Consistent profitability and a fiscal 2026 price-to-earnings multiple of approximately 26 times for an expected 50% revenue increase further support a less demanding valuation.

Vyvgart continues to gain traction in its core indications, driving confidence in Argenx’s revenue trajectory. The company’s strengthened financial position and positive early sales trends underpin expectations for significant topline expansion throughout the year.

Key catalysts include second-half clinical readouts from the ALKIVIA myositis study and the EMPASSION multifocal motor neuropathy trial for empasiprubart. These data releases are anticipated to clarify the product pipeline’s long-term potential and may influence future analyst revisions.