Argenx (ARGX) plunges 11% after chief drug Vyvgart fails study in Sjogren's disease

What happened

Argenx plunged more than 11% Thursday after the biotech company said a study of its chief drug Vyvgart in patients with Sjogren's disease had failed. Sjogren's is an autoimmune condition that damages moisture-producing glands; Vyvgart is currently approved for generalized myasthenia gravis, a condition that causes weakening muscles. The decline was the stock's largest percentage drop since December 20, 2023, when it fell 25.12%, according to Dow Jones Market Data, and shares fell below their 200-day moving average.

Who’s affected

• {'exposure': "Flagship FcRn blocker; failed Sjogren's study removes a potential label expansion and trims the long-term growth case.", 'name': 'Argenx (ARGX)'}
• {'exposure': 'Read-through to biotech/specialty-pharma sentiment on pipeline risk, though the failure is company-specific, not class-wide.', 'name': 'Biotech sector (XBI, broader specialty pharma)'}

Sources

investors.com