Argenx (ARGX) Faces Uncertainty Amid US Policies, Despite Solid Earnings

Artisan Partners' Mid Cap Fund reported Q2 returns of 14.40% for Investor Class, 14.45% for Advisor Class, and 14.50% for Institutional Class, underperforming the Russell Midcap Growth Index. The fund highlighted Argenx SE (NASDAQ:ARGX), a biotech company with approved first-in-class therapy VYVGART, as a top detractor due to uncertainty around US policies. The stock has gained 28.16% in the last 52 weeks and closed at $673.15 on August 7, 2025.

Artisan Partners' Mid Cap Fund reported Q2 returns of 14.40% for the Investor Class, 14.45% for the Advisor Class, and 14.50% for the Institutional Class, all underperforming the Russell Midcap Growth Index, which returned 18.20% [1][2]. Despite these returns, the fund highlighted several notable stocks, including Argenx SE (NASDAQ:ARGX), a commercial-stage biopharma company with an approved first-in-class therapy, VYVGART.

Argenx SE (NASDAQ:ARGX) was identified as a top detractor by the fund due to uncertainty around US policies. The stock has gained 28.16% in the last 52 weeks and closed at $673.15 on August 7, 2025 [4]. The fund's investor letter noted that while Argenx reported solid earnings results, the stock has faced challenges due to uncertainty related to US policies, including tariffs and a recent Trump administration executive order requiring "most favored nation" pricing for prescription drugs [4].

Artisan Partners remains optimistic about Argenx SE's future growth potential, citing the drug's efficacy and the company's manufacturing location in the US. However, the fund acknowledged the need for regulatory clarity and stable pricing to ensure the company's long-term success.

The fund's underperformance relative to the Russell Midcap Growth Index can be attributed to several factors, including the volatile nature of global markets in Q2 2025. Despite this, the fund's IT holdings, such as Snowflake, Zscaler, and Cloudflare, performed well, contributing to the fund's overall solid Q2 performance [2].

References:
[1] https://finance.yahoo.com/news/artisan-mid-cap-fund-performance-133305670.html
[2] https://ca.finance.yahoo.com/news/artisan-mid-cap-fund-performance-133305670.html
[3] https://www.globenewswire.com/news-release/2025/08/05/3127537/1087/en/INVESTOR-ALERT-Pomerantz-Law-Firm-Investigates-Claims-On-Behalf-of-Investors-of-argenx-SE-ARGX.html
[4] https://ca.finance.yahoo.com/news/pulled-down-argenx-argx-q2-114316398.html