Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

argenx has been through a volatile spell after a long run, and the recent swings now put a simple question in front of you as an investor: Is the current share price still in line with what the company's earnings can reasonably support?

Over the past 5 years, argenx has delivered a share price gain of 185.3%, which puts a lot of weight on whether its earnings power has kept pace with that move. The company recently halted its Phase 3 Sjögren's trial for futility while reporting encouraging data for FB102 in celiac disease, a mix that can reshape expectations for future profit potential and the timing of any cash generation from its pipeline. The analysts covering argenx have run their own numbers. See what analysts think argenx's shares could be worth.

The issue now is whether argenx's current valuation can be explained by its earnings profile once you strip away the recent news swings and focus on the underlying business performance.

If you are weighing argenx after this trial setback and pipeline update, it can help to compare it with other companies by screening for 127 healthcare AI stocks

Does argenx Look Fairly Valued on Earnings?

The P/E ratio fits argenx because earnings are already positive and investors have a concrete profit base to compare with the share price. On this yardstick, argenx trades on about 29.7x earnings, which is above the broader biotech industry average of roughly 25.0x but below the peer group average of about 36.3x. The tailored fair multiple implied by its fundamentals sits close to the current figure, so the market is not assigning a clear premium or discount based on earnings alone.

Because the halted Sjögren's trial removes one potential earnings stream while the FB102 celiac data points to a different route to future profits, the current P/E suggests investors are weighing near term pipeline risk against an already established earnings base rather than pricing in an aggressive rerating. For anyone tracking argenx, the key question is whether that roughly mid range position between industry and peers still feels appropriate once the updated trial mix and earnings profile are factored in. Explore the numbers behind argenx's P/E valuation.ENXTBR:ARGX P/E Ratio as at Oct 2026

The argenx Narrative: What Would Justify Today's Price?

Simply Wall St Narratives pick up where the argenx valuation puzzle leaves off. They spell out which combinations of future growth, margins and earnings would need to occur for the stock to appear meaningfully higher or lower than today's price, and each one ties a specific fair value to a clear story about argenx's potential catalysts and key risks. This allows you to track over time which version of events seems closest to reality on the Community page.

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Community views on argenx are now split between a franchise that still has more room to run and a story that already prices in a lot of success.

Bull case: 43% undervalued

"Advancements in drug discovery platforms, including the recent AI-enabled collaboration with Unnatural Products, position argenx to generate a broad pipeline of first-in-class biologics…"

Discover why this Narrative puts argenx at 43% undervalued.

Bear case: 6% overvalued

"If VYVGART becomes a multi-indication platform drug, this could lead to significant upside. If the pipeline fails or pricing pressure intensifies, this could create material downside risk…"

Explore why this Narrative puts argenx at 6% overvalued.

For argenx, the share price is only one piece of the decision

The next thing to check is who is actually steering argenx and how their pay packets line up with the results you are judging today, because that alignment can heavily influence what happens next. See who runs argenx and how they are paid.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ARGX.BR.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

argenx SE ARGX announced positive top-line data from a phase II study evaluating FB102, an investigational therapy in adults with celiac disease.

Celiac disease is a chronic autoimmune condition triggered by gluten, a protein found in wheat, barley and rye. The disease damages the small intestine and can cause abdominal pain, bloating, diarrhea and fatigue. Currently, a strict gluten-free diet is the standard treatment, and no medicines are approved specifically for the condition. The FDA previously granted Fast Track designation to FB102 for celiac disease.

Year to date, shares of ARGX have lost 2.7% against the industry's 2.7% growth.Zacks Investment Research

Image Source: Zacks Investment Research

ARGX's FB102 Meets Primary Goal in Celiac Disease Study

argenx announced positive topline results from the phase II study evaluating FB102, an investigational CD122 inhibitor, in adults with celiac disease. The results mark the first clinical readout for the candidate since the company acquired Forte Biosciences in August 2026.

The study met its primary endpoint, demonstrating a statistically significant improvement in the ratio of villus height to crypt depth (Vh) at day 78 compared with placebo (p=0.0176). This measure helps assess damage to the lining of the small intestine.

Patients receiving FB102 also showed consistent improvements across other measures, including intestinal inflammation. Importantly, the treatment demonstrated a clinically relevant effect in patients undergoing a controlled gluten challenge. The safety profile was consistent with previous studies, with no new safety signals identified.

argenx plans to provide detailed data from the study at an upcoming medical conference.

Based on the positive data, argenx plans to advance FB102 into late-stage development. The company is also evaluating the candidate in other autoimmune diseases, including vitiligo and alopecia areata.

Despite the positive data readout, the stock declined nearly 12% yesterday, likely in response to another announcement made by the company on the same day. In a separate press release, argenx announced its decision to discontinue the phase III UNITY study evaluating its blockbuster therapy, Vyvgart Hytrulo (efgartigimod alfa and hyaluronidase-qvfc), in adults with moderate-to-severe Sjögren's disease.

AGRX's Zacks Rank & Stocks to Consider

argenx currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Amarin AMRN and Alnylam Pharmaceuticals ALNY, currently sporting a Zacks Rank #1 (Strong Buy) each and Aldeyra Therapeutics ALDX, carrying a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

Story Continues

Over the past 60 days, loss per share estimates for Amarin have narrowed from 65 cents to 39 cents for 2026. Over the same period, estimates for 2027 loss per share have narrowed from 51 cents to 50 cents. AMRN's shares have lost 14.1% year to date.

Amarin's earnings beat estimates in three of the trailing four quarters and missed in the remaining one, the average surprise being 62.27%.

Over the past 60 days, earnings per share estimates for Alnylam Pharmaceuticals have decreased from $8.65 to $8.63 for 2026. Over the same period, estimates for 2027 earnings per share have narrowed from $12.13 to $12.04. ALNY's shares have plunged 43.5% year to date.

Alnylam Pharmaceuticals' earnings beat estimates in three of the trailing four quarters and missed in the remaining one, the average surprise being 27.58%.

Over the past 60 days, loss per share estimates for Aldeyra Therapeuticshave narrowed from 43 cents to 39 cents for 2026. Over the same period, estimates for 2027 loss per share have narrowed from 22 cents to 16 cents. ALDX's shares have plunged 81.7% year to date.

Aldeyra Therapeutics' earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 29.25%.

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argenex SE (ARGX) : Free Stock Analysis Report

Alnylam Pharmaceuticals, Inc. (ALNY) : Free Stock Analysis Report

Amarin Corporation PLC (AMRN) : Free Stock Analysis Report

Aldeyra Therapeutics, Inc. (ALDX) : Free Stock Analysis Report

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

argenx ARGX suffered a clinical setback after deciding to discontinue the late-stage UNITY study evaluating efgartigimod subcutaneous (SC) (efgartigimod alfa and hyaluronidase-qvfc) in adults with moderate-to-severe Sjögren's disease.

The decision follows a recommendation from an Independent Data Monitoring Committee ("IDMC") to stop the study for futility after an interim analysis showed that the trial was unable to meet its primary endpoint.

Shares of the company were down 12% following the announcement.

The development is a setback for argenx's efforts to expand its immunology pipeline into Sjögren's disease, a chronic systemic autoimmune condition characterized by symptoms such as dry eyes, dry mouth, fatigue and joint pain. The disease can significantly affect patients' quality of life, and treatment options remain limited.

Year to date, ARGX's shares have lost 2.7% against the industry's 0.6% growth.Zacks Investment Research

Image Source: Zacks Investment Research

More on ARGX's UNITY Study

The UNITY study was a randomized, double-blind, placebo-controlled phase III trial designed to evaluate the efficacy, safety and tolerability of efgartigimod SC in adults with moderate-to-severe Sjögren's disease.

Patients received weekly efgartigimod SC or placebo alongside stable background standard-of-care treatment. The primary endpoint was the change from baseline in systemic disease activity, measured using the clinical EULAR Sjögren's Syndrome Disease Activity Index (clinESSDAI), at week 48.

Key secondary endpoints included the proportion of patients achieving low disease activity, response rates measured using the Sjögren's Tool for Assessing Response ("STAR"), changes in patient-reported symptoms and safety outcomes.

However, the IDMC concluded that the study could not meet its primary endpoint, prompting ARGX to discontinue the trial.

Following the study's closure and database lock, argenx plans to conduct a comprehensive analysis of the results to better understand the outcome and identify insights that could inform future research into Sjögren's disease.

We note that argenx has an established commercial presence with its Vyvgart franchise. Vyvgart (efgartigimod alfa-fcab) is a first-in-class human IgG1 antibody fragment that binds to the neonatal Fc receptor, reducing circulating IgG autoantibodies.

Vyvgart is approved for generalized myasthenia gravis (gMG), while Vyvgart Hytrulo, its subcutaneous formulation, is approved for gMG and chronic inflammatory demyelinating polyneuropathy. Vyvgart is also approved for immune thrombocytopenia in Japan.

Story Continues

While these approved indications provide an established foundation for the franchise, the discontinuation of the UNITY study represents a setback to its potential expansion into Sjögren's disease. The decision limits the drug's prospects in this indication and highlights the clinical risks associated with pipeline expansion.

The company generated $1.5 billion in global product net sales in the second quarter of 2026, representing 17% quarter-over-quarter growth and a year-over-year increase of 60% or $0.6 billion.

The news overshadowed ARGX's announcement of positive data from another study.

ARGX announced that the phase II study evaluating FB102, a first-in-class CD122 inhibitor, in adults with celiac disease, met its primary endpoint. Patients treated with FB102 demonstrated a statistically significant and clinically relevant treatment effect compared to placebo. The company believes the results support advancing FB102 into phase III development.

ARGX Zacks Rank and Stocks to Consider

argenx currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Alnylam Pharmaceuticals ALNY, currently sporting a Zacks Rank #1 (Strong Buy), and CRISPR Therapeutics CRSP and Aldeyra Therapeutics (ALDX), each carrying a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Alnylam's 2026 earnings per share have decreased from $8.65 to $8.63. Over the same period, earnings estimates for 2027 have decreased from $12.13 to $12.04.

Alnylam's earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 27.58%.

Over the past 60 days, estimates for CRISPR Therapeutics' 2026 loss per share have decreased to $4.47 from $4.53. Over the same period, earnings estimates for 2027 have decreased to $3.61 from $3.63.

CRISPR Therapeutics' earnings beat estimates in two of the trailing four quarters and missed on the remaining two occasions, with the average negative surprise being 1.38%.

Over the past 60 days, loss per share estimates for Aldeyra Therapeutics have narrowed from 43 cents to 39 cents for 2026. Over the same period, estimates for 2027 loss per share have narrowed from 22 cents to 16 cents.

Aldeyra Therapeutics' earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 29.25%.

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argenex SE (ARGX) : Free Stock Analysis Report

Alnylam Pharmaceuticals, Inc. (ALNY) : Free Stock Analysis Report

CRISPR Therapeutics AG (CRSP) : Free Stock Analysis Report

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Argenx (ENXTBR:ARGX) is back in focus after twin clinical updates. The company reported positive Phase 2 data for FB102 in celiac disease while deciding to halt its Phase 3 UNITY trial in Sjögren's disease.

Over the past month argenx's share price has come under pressure, with a 30 day share price return of down 18.5% and a 7 day move of down 16.2% around the UNITY trial halt. However, the 5 year total shareholder return of 172.3% shows long term holders have still seen strong gains, suggesting recent volatility reflects a sharp reset in expectations rather than a complete break in the broader investment story.

Scan how argenx's trial reset compares with other potential healthcare opportunities by reviewing our handpicked 124 healthcare AI stocks today.

After a drop of roughly 18% in a month, argenx now reflects both the UNITY setback and the FB102 upside in celiac disease. Does that reset justify stepping in now, or does patience on entry price still make more sense?

Most Popular Narrative: 2.8% Overvalued

The most followed narrative currently pegs argenx's fair value at €686.43, slightly below the last close of €705.60, which points to only a modest premium after the UNITY reset.

Profile: High-growth biotech compounding story 👉 Investment type:

• Growth + clinical optionality

• High volatility 👉 Core thesis:

• If VYVGART becomes a multi-indication platform drug → significant upside

• If pipeline fails or pricing pressure intensifies → material downside risk

See why 2 investors see argenx as 3% overvalued.

Result: Fair Value of €686.43 (OVERVALUED)

Still, the argenx story can shift fast if VYVGART momentum slows, or if fresh trial setbacks chip away at confidence in the broader pipeline.

Find out about the key risks to this argenx narrative.

Another View: argenx Through A Cash Flow Lens

The fair value from the most popular argenx narrative sits at €686.43 and labels the shares as slightly overvalued against the €705.60 market price. A very different picture comes from our DCF model, which points to future cash flows worth €2,651.18 per share, implying the stock is trading well below that estimate. Which signal should matter more to you: the tighter earnings based view, or the much larger gap suggested by long term cash flows?

Putting those two side by side gives a wide valuation range, so it is helpful to understand how the SWS DCF model works before you lean on it as your main yardstick for argenx value. Look into how the SWS DCF model arrives at its fair value.ARGX Discounted Cash Flow as at Oct 2026

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out argenx for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 178 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Story Continues

Next Steps

Mixed messages on argenx valuation so far. If you want to move quickly and form your own stance, weigh up the 4 key rewards and 2 important warning signs.

Looking for more argenx-style investment ideas?

If you stop with argenx, you might miss opportunities sitting one screen away. Widen your watchlist and pressure test your thesis against other setups.

Target higher potential upside by scanning the 619 high quality undiscovered gems before they attract broad market attention. Strengthen portfolio resilience by filtering for a list of solid balance sheet and fundamentals (205 results) that can better handle shocks and funding needs. Dial down portfolio stress by focusing on a 225 resilient stocks with low risk scores that screens for steadier business profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ARGX.BR.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Argenx says it discontinued a late-stage clinical trial in patients with Sjögren’s disease at the recommendation of an independent committee.

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Halozyme Therapeutics (HALO) gab bekannt, dass ein niederländisches Patentgericht in einem Patentstreit mit Merck (MRK) über die subkutane (SC) Formulierung von Keytruda zu seinen Gunsten entschieden hat.

Das Gericht stellte fest, dass Mercks Keytruda SC eines der MDASE-Patente von Halozyme verletzt, das eine Technologie zur Verabreichung von Arzneimitteln durch subkutane Injektion abdeckt. Der Beschluss verpflichtet Merck, die Herstellung und den Verkauf von Keytruda SC in Belgien, Dänemark, Frankreich, Irland, Italien, Schweden, der Schweiz und den Niederlanden einzustellen. Er hindert Merck außerdem daran, den Verkauf des Arzneimittels in diesen Märkten durch Tochtergesellschaften fortzusetzen, auch über seine europäische Zulassung.

Der Gerichtsbeschluss betrifft jedoch nicht die intravenöse (IV) Version von Keytruda. Patienten werden weiterhin Zugang zu Keytruda IV haben, da diese Version nicht von Halozymes Patent oder der gerichtlichen Verfügung erfasst wird.

Dies ist nicht der erste juristische Erfolg, den Halozyme gegen Merck in Bezug auf Keytruda SC erzielt hat. Im Dezember 2025 erließ ein deutsches Gericht eine einstweilige Verfügung, die Merck daran hinderte, Keytruda SC in Deutschland zu vertreiben oder anzubieten. HALO hat außerdem in den USA eine separate Patentverletzungsklage gegen MRK eingereicht und behauptet, Keytruda SC, das unter dem Namen Keytruda Qlex vermarktet wird, verletze 15 seiner MDASE-Patente.

MRK will die Entscheidung anfechten

Merck widerspricht der Entscheidung des niederländischen Gerichts entschieden, Reuters zufolge. Das Unternehmen hält Halozymes Patent weltweit für ungültig und erklärte, die Verletzungsvorwürfe seien unbegründet. Merck prüft seine nächsten Schritte.

Die Entscheidung ist dennoch ein wichtiger Rückschlag für Merck, während das Unternehmen die Nutzung von Keytruda ausweiten will. Die SC-Version soll dazu beitragen, die kommerziellen Möglichkeiten von Keytruda zu verlängern, während Merck sich dem Verlust des US-Patentschutzes für die ursprüngliche Formulierung nähert; der Biosimilar-Wettbewerb könnte im Dezember 2028 beginnen. Derzeit erwirtschaften die IV- und SC-Versionen zusammen fast die Hälfte des Umsatzes von Merck. Keytruda ist damit ein wichtiger Bestandteil der Unternehmensstrategie, die Produktreihe zu erhalten und zu verlängern.

Für Halozyme könnten die zunehmenden Einschränkungen für Keytruda SC die Position im umfassenderen Patentstreit mit Merck stärken. Die jüngste Entscheidung garantiert HALO zwar keinen finanziellen Vorteil, doch weitere Gerichtserfolge könnten die Position des Unternehmens bei künftigen Lizenz- oder Vergleichsgesprächen mit Merck stärken.

Seit Jahresbeginn sind die Aktien des Unternehmens um 65 % gestiegen, verglichen mit einem Branchenwachstum von 1 %.

Der Streit betrifft nicht HALOs ENHANZE-Geschäft

Halozyme erklärte, dass sich die im Streit mit Merck betroffene MDASE-Technologie von seiner ENHANZE-Technologie und seinem Lizenzprogramm unterscheidet. Dies ist für Anleger besonders wichtig, da ENHANZE eine bedeutende Quelle der Lizenzeinnahmen des Unternehmens ist.

Halozyme hat Kooperationsvereinbarungen mit großen Pharmaunternehmen wie J&J (JNJ) und argenx (ARGX), die seine ENHANZE-Technologie zur Entwicklung subkutaner Formulierungen verschiedener zugelassener Arzneimittel nutzen.

J&J verwendet die Technologie zur Verabreichung des Myelommedikaments Darzalex, das als Darzalex Faspro/SC vermarktet wird. Argenx wiederum verwendet dieselbe Technologie zur Verabreichung des Medikaments Vyvgart gegen generalisierte Myasthenia gravis, das als Vyvgart Hytrulo vermarktet wird.

Halozyme zufolge wurde ENHANZE in zehn vermarkteten Produkten in mehr als 100 Märkten eingesetzt. Die wachsende Zahl an Partnerschaften bietet weitere Möglichkeiten für Meilensteinzahlungen und Lizenzgebühren, wenn neue Programme der Vermarktung näherkommen.

HALOs Zacks-Rang

Halozyme hat derzeit einen Zacks-Rang von 2 (Kaufen). Hier finden Sie die vollständige Liste der heutigen Aktien mit Zacks-Rang 1 (Starker Kauf).

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Halozyme Therapeutics, Inc. (HALO): Kostenloser Aktienanalysebericht

Johnson & Johnson (JNJ): Kostenloser Aktienanalysebericht

Merck & Co., Inc. (MRK): Kostenloser Aktienanalysebericht

argenx SE (ARGX): Kostenloser Aktienanalysebericht

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Argenx unexpectedly scrapped a study of its drug, Vyvgart, in patients with Sjogren's disease on Thursday. The stock plummeted in response.

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