argenx SE – ADR (NASDAQ: ARGX) stock continued its bullish momentum today, rising over 1.1% on 12th October, 2018. Analysts at Piper Jaffray reissued their overweight rating on shares of argenx stock in a research note and have a $154.00 price target on the stock.
ARGX has received a €2.6 million grant from the Flanders Innovation and Entrepreneurship (VLAIO) agency. The grant will be used to explore new applications and modes of action of argenx’s proprietary ABDEG™ technology, the Fc engineering technology used in the design of efgartigimod (ARGX-113) to augment the clearance of disease-causing autoantibodies. The €2.6 million subsidy from VLAIO was granted to argenx through its Innovative Access Program (IAP) to fund new research around the proprietary ABDEG™ technology. argenx believes the IAP creates a foundation to build upon its unique and sustainable pipeline while providing access for its cutting edge antibody discovery technologies to centers of novel target research.
Meanwhile, ARGX raises approximately $300.6 million in gross proceeds in a U.S. public offering from the sale of 3,475,000 American Depositary Shares (ADSs) at a price to the public of $86.50 per ADS. Each of the ADSs offered represents the right to receive one ordinary share, nominal value of €0.10 per share. All of the ADSs in the Offering are being sold by argenx. argenx has granted the underwriters an option to purchase up to an additional 521,250 ADSs, representing 15% of the ADSs sold in the Offering. This option can be exercised during the 30-day period from September 18, 2018. Morgan Stanley, Cowen and Evercore ISI are acting as joint bookrunning managers for the Offering, and Kempen and Nomura are acting as co-managers. Piper Jaffray is acting as a financial advisor in connection with the Offering.
Additionally, in the first half, the company has received second preclinical milestone payment under the development agreement with AbbVie for ARGX115 targeting novel immune checkpoints in oncology. The company has received third preclinical milestone payment from collaboration with LEO Pharma following approval of our clinical trial application (CTA) filing for ARGX-112 to treat inflammatory skin disorders. The company has also received a milestone payment from the strategic collaboration with Shire triggered by Shire exercising its exclusive option to in-license an antibody discovered and developed using the Company’s proprietary SIMPLE Antibody platform and Fc engineering technologies. ARCG has appointed R. Keith Woods as Chief Operating Officer. The company has selected for BEL 20 Index representing the 20 largest companies traded on Euronext Brussels, subject to meeting Euronext Index Family criteria and review.