argenx (ARGX) Stock Forecast & Price Target

argenx is supported by a durable commercial engine, with 3Q26 global VYVGART sales of about $1.72B, up 14% q/q and 53% y/y and ahead of consensus, while strong access and expanding use in gMG and CIDP reinforce its leadership in rare autoimmune disease. The fundamental thesis is strengthened by multiple near- and mid-stage catalysts, including the planned IMNM sBLA by year-end, a Phase III MMN readout narrowed to December 2026, pediatric gMG PDUFA in February 2027, and Phase III ADVANCE-NEXT data in primary ITP expected in 1H27. Beyond the core franchise, the positive Phase IIa celiac signal for FB102 and broader pipeline optionality in myositis, thyroid eye disease, and Sjogren’s suggest the company can compound growth while diversifying away from a single asset.

argenx is facing a weaker fundamental setup because its stock has already round-tripped back to the low $800s after a volatile stretch, while the biotech tape has turned less supportive and setbacks in Sjogren’s have undermined confidence in pipeline breadth. The bullish case depends on successful expansion of Vyvgart into oMG, ITP, myositis, and Sjogren’s, but if those programs fail, platform value would be meaningfully impaired and fair value could compress to $562. Downside is compounded by clinical execution risk, regulatory uncertainty, intellectual property risk, possible safety signals, competition, and long-term pricing pressure, especially if efgartigimod or ARGX-117 faces clinical, regulatory, or commercial failure.