Argenx shares surge following successful Phase III myositis study

Biotechnology specialist Argenx has announced successful results from a pivotal Phase III clinical trial for its drug Vyvgart Hytrulo (efgartigimod alfa and hyaluronidase-qvfc). The study met its primary endpoint in treating autoimmune myositis, specifically targeting patients with immune-mediated necrotizing myopathy (IMNM) and dermatomyositis (DM).

Clinical data showed statistically significant and clinically relevant improvements in patients compared to those receiving a placebo. Improvements were observed as early as week 4 and were maintained throughout the treatment duration.

Following the announcement, Argenx shares rose significantly, gaining over 8 percent in early trading. Industry analysts from UBS have noted the drug’s potential to become a blockbuster, with possible annual peak sales of up to $5 billion for IMNM. Goldman Sachs also provided a positive evaluation of the results for both indications.