Argenx Shares Rally 1.23% as Trading Volume Plummets 33.64% to $350M, Ranking 334th Amid Analyst Disagreement on Valuation

Market Snapshot

On November 25, 2025, Argenx (ARGX) shares closed with a 1.23% increase, outperforming broader market trends. However, the stock’s trading volume declined sharply by 33.64% compared to the previous day, settling at $0.35 billion. , indicating reduced liquidity or investor activity. Despite the positive price movement, the drop in volume suggests uneven demand, potentially reflecting divergent investor sentiment following recent analyst actions and broader market dynamics.

Key Drivers

Analyst Downgrade and Mixed Sentiment

Wolfe Research’s downgrade of Argenx from “Outperform” to “Peer Perform” on November 24 marked a pivotal shift in institutional sentiment. Unlike other recent analyst updates, this action was not accompanied by adjustments to price targets, leaving the firm’s rationale unexplained. This downgrade contrasted with a series of positive analyst actions over the preceding two weeks, including Citigroup’s $1124 price target increase (7.97% higher than prior) and Wedbush’s $1000 target (13.64% increase). These conflicting signals highlight a fragmented analyst consensus, with 25 firms maintaining an average “Outperform” rating (1.6 on a 1–5 scale) but no consensus on valuation adjustments.

Pipeline Progress and Regulatory Momentum

Argenx’s core fundamentals remain anchored in its therapeutic pipeline and recent regulatory approvals. The FDA’s 2024 approval of Vyvgart Hytrulo for Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) expanded the drug’s addressable market, reinforcing the company’s leadership in rare autoimmune diseases. Additionally, ongoing development in treatments for conditions like primary immune thrombocytopenia and Sjogren’s Disease positions Argenx to capitalize on unmet medical needs. These advancements align with Wall Street’s one-year price target range of $715–$1,124, .

Valuation Divergence and Market Perception

The stock’s valuation appears to straddle two narratives: a near-term cautionary stance from Wolfe Research and a long-term growth thesis supported by multiple analysts. , implying an 88.65% upside from the current price. This stark discrepancy underscores divergent views on the company’s risk-reward profile. While Wolfe’s downgrade may have tempered short-term optimism, the broader analyst community’s repeated price target increases—spanning 11.45% to 18.22% increments—suggests confidence in Argenx’s ability to execute on its pipeline and scale commercial operations.

Execution and Market Positioning

The stock’s 1.23% gain on November 25 occurred amid a broader context of high-conviction analyst activity. Citigroup, Wedbush, and HC Wainwright’s recent upgrades reinforced a narrative of undervaluation, while Wolfe’s downgrade introduced volatility. , though lower than recent levels, did not trigger a reversal in price, indicating that institutional buyers may have absorbed the downgrade’s impact. Argenx’s position in the biopharma sector—characterized by high R&D risk but potentially transformative payouts—continues to attract investors willing to bet on its ability to advance its autoimmune disease portfolio.

In summary, Argenx’s recent performance reflects a tug-of-war between short-term analyst skepticism and long-term optimism about its pipeline and market expansion. While Wolfe Research’s downgrade may have dampened immediate momentum, the stock’s trajectory will likely depend on upcoming data readouts from clinical trials and its capacity to maintain regulatory and commercial momentum in the rare disease space.