Argenx Price Target, Estimates Up as Bernstein Notes Forte Biosciences Acquisition

07:26 AM EDT, 07/28/2026 (MT Newswires) -- Bernstein increased its price target for Argenx (ARGX.BR), highlighting that the immunology company's planned $2.2 billion acquisition of US-based Forte Biosciences is a "strategically sensible deal with excellent timing." "Excluding intangibles, based on the FBRX US Bloomberg consensus forecasts, we calculate that this deal is 1-8 dilutive to our 2027-2032e ARGX's EPS. This assumes no cost-cutting or cost avoidance. But considering ARGX's portfolio concentration risk and excellent prospects for cash generation we're not concerned by this magnitude or period of EPS dilution," the research firm said Tuesday. "ARGX currently has one growth [sic] very successful growth driver, Vyvgart, which has a 2036 US substance of matter patent expiry[.] In our view, investors will start to focus heavily on this headwind from 2031. Hence, we believe that for ARGX the next five years are critical for deepening and broadening its pipeline." Analysts also view the underlying risk-reward as positively skewed, supported by upcoming catalysts in 2026 and 2027. These include the phase 3 data readouts for Vyvgart in myositis and Sjögren's disease, as well as empasiprubart in multifocal motor neuropathy and chronic inflammatory demyelinating polyneuropathy. Against this backdrop, the price target was changed to 986 euros from 877 euros, with an outperform rating on the stock. The adjusted EPS estimate for 2026 was raised to $26.63 from $22.97, while that for 2027 was increased to $38.33 from $33.61.