argenx (ENXTBR:ARGX) Hits A Phase 3 Win, Is The Upside Fully Priced?

argenx (ENXTBR:ARGX) is back in focus after reporting that the ALKIVIA Phase 3 trial of VYVGART Hytrulo in adults with autoimmune myositis met its primary endpoint, with clinically meaningful and statistically significant improvements.

See our latest analysis for argenx.

The positive ALKIVIA trial update comes on top of recent momentum in argenx, with a 7 day share price return of 17.34% and a 1 year total shareholder return of 53.68%, alongside a 5 year total shareholder return above 200%.

If this kind of news driven move has your attention, it could be a good moment to see what is happening across other healthcare focused opportunities via our 133 healthcare AI stocks

argenx looks like a strong business on the back of VYVGART and a broad autoimmune pipeline, and the share price has moved sharply on the ALKIVIA news. Does the current valuation still leave enough upside for new buyers?

Most Popular Narrative: 29% Overvalued

The most followed narrative on argenx, according to kapirey, puts fair value at €686.43 per share versus the recent close of €885.20, which implies a premium.

argenx is a commercial-stage biotech in immunology with an active blockbuster (VYVGART) and an advanced pipeline focused on rare autoimmune diseases. The investment thesis is based on:

• ✅ Leadership in a new therapeutic class (FcRn inhibitors)

• ✅ Very strong commercial growth (revenues doubled in 2 years)

• ✅ Pipeline with multiple near-term catalysts (2026 to 2027)

• ⚠️ Typical biotech risks: dependence on a single asset, pricing pressure, competition

Read the complete narrative.

Want to see how argenx gets to that higher valuation band. The narrative leans on strong revenue expansion, rising profitability and a punchy future earnings multiple.

Result: Fair Value of €686.43 (OVERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, this argenx narrative still carries real risk if regulatory decisions or pricing pressures in key markets weaken the case for current assumptions.

Find out about the key risks to this argenx narrative.

Another View on argenx Using the SWS DCF Model

The user narrative suggests argenx is 29% overvalued at €885.20 compared to a fair value of €686.43 based on earnings and multiples. Our DCF model points in the opposite direction. It indicates argenx trades at about 53% below an estimated future cash flow value of €1,884.46, which is a wide gap for investors to consider.

Look into how the SWS DCF model arrives at its fair value.

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 277 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

Next Steps

The mixed messages on argenx might leave you torn. Review the data, weigh both risks and rewards, and then check the 3 key rewards and 3 important warning signs

Looking for more investment ideas beyond argenx?

If you are curious about what else might be worth your attention after argenx, use these screeners to quickly surface focused ideas that match different investing styles.

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.

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