Sam Boughedda

Investing.com — Argenx NV ADR shares rose more than 8% as investors react to the announcement that the U.S. Food and Drug Administration has approved Vyvgart.

This announcement was made Friday after the bell. It means that the medication will be approved for treating a muscle disorder known as generalized myasthenia gravis in adults who have tested positive for anti-acetylcholine. Argenx stated Vyvgart has been FDA approved as a neonatal Fc blocker.

Argenx shares sit at just $336. After the announcement, analysts adjusted their price targets.  

Piper Sandler increased its price target from $354 to $375, while maintaining an overweight rating according to the Vyvgart News. Allison Bratzel, an analyst at Piper Sandler said that there were barriers and she doesn’t anticipate a strong commercial performance in the first few quarters after the release of the medication.

Raising its price target to $395 from $390, Wells Fargo analyst Derek Archila told investors there is some modest upside for Argenx shares following Friday’s news. Archila thinks that the Street undervalues the upside potential of Argenx shares. 

Other news: Raymond James raised its goal to $455, Credit Suisse increased to $340, $297 from Credit Suisse, Truist raised $365, $350 from $350 and BofA increased to $383, from $323