Despite the Q1 miss, management reiterated confidence in its long-term “Vision 2030” strategy, highlighting strong Vyvgart uptake in gMG and CIDP and the recent U.S. approval of a self-injection option.

U.S.-listed shares of Argenx (ARGX) dropped on Thursday after the Dutch immunology company reported first-quarter earnings per share (EPS) of $2.58, missing the consensus estimate of $2.75. 

Revenue for the quarter totaled $790.05 million, also falling short of the $799.22 million consensus forecast.

Argenx shares closed at $569.12 on Thursday, down 8.64%, but gained 0.86% in after-hours trading to $574.

Despite the earnings miss, Argenx remains confident about its long-term prospects. 

"We continue to execute on our bold innovation agenda, guided by our 'Vision 2030' to reach 50,000 patients across 10 labeled indications," said CEO Tim Van Hauwermeiren. 

The company highlighted the strong launch of Vyvgart and its growing adoption in generalized Myasthenia Gravis (gMG) and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), with the recent approval of a pre-filled syringe for self-injection in the U.S.

Analyst updates earlier this month also reflected caution. 

Barclays analyst Charles Pitman-King lowered the price target for Argenx to 650 euros from 710 euros on April 28, maintaining an ‘Overweight’ rating, amid broader biotech sector pressure. 

Similarly, BofA reduced its price target to 680 euros from 736 euros on April 20, but kept a ‘Buy’ rating, citing a revised outlook for small-cap biotechs. 

In contrast, Citi raised its price target to $796 from $681 on April 17, citing the strong fundamentals of Argenx and its growing Vyvgart revenue.

Looking ahead, Argenx is advancing 10 Phase 2 and 10 Phase 3 studies across various therapeutic areas, including efgartigimod, empasiprubart, and ARGX-119, with key data expected by year-end.

On Stocktwits, sentiment toward Argenx was described as "extremely bullish," with message volume surging over 1,900%. 

One user suggested that buying below $550 was "an absolute steal," while another noted they had added 20 shares and remained optimistic.

Argenx’s U.S.-listed stock has declined over 8% so far in 2025.

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