Argenx (ARGX) is "uniquely positioned" for continued growth in the autoimmune space, driven by its lead drug Vyvgart and a pipeline of emerging therapies, Wedbush Securities said in a note Wednesday.

Vyvgart continues to perform well in its approved indications, generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, supported by international expansion and the recent launch of a pre-filled syringe version of the drug.

The brokerage estimates Vyvgart could reach about $4 billion in sales in 2025, with additional label expansions expected to drive further growth.

The firm pointed to upcoming catalysts between the second half of 2025 and 2026, including pivotal trial results in seronegative and ocular myasthenia gravis, which could expand the drug's addressable market in the US by an estimated 18,000 patients.

Argenx's pipeline includes empasiprubart, its most advanced experimental therapy, which could enter the multifocal motor neuropathy market by 2027, with phase 3 data expected in the second half of 2026, according to the note.

The firm said Argenx has significant financial resources, including a $3.6 billion cash position, to support ongoing research and development. Wedbush sees potential for the company to generate $14 billion in annual revenue by 2030 and reach earnings of around $100 per share, supporting a long-term valuation of roughly $2,000 per share.

Wedbush added Argenx to its Best Ideas list and reiterated an outperform rating.

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