Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>Arrivent's EGFR inhibitor firmonertinib (licensed from Shanghai-based Allist) failed a global phase 3 in lung cancer; argenx discontinued phase 3 of efgartigimod (ZLAB licensed its China rights) in Sjogren’s disease</li>
<li>Asieris (688176.CH) licensed out cervical precancerous treatment Cevira to Theramex for US$250m; MicuRx (688373.CH) licensed out MRX-23 ADC and STOPIN platform to ClearideBio in multi-asset global deal for US$973m (upfront US$100m).</li>
<li>Other updates/news: Genscript/NVIDIA, SBP's PDE3/4 inhibitor, ZhongSheng Pharma's biweekly GLP-1/GIP</li>
</ul>


Arrivent's EGFR inhibitor firmonertinib (licensed from Shanghai-based Allist) failed a global phase 3 in lung cancer; argenx discontinued phase 3 of efgartigimod (ZLAB licensed its China rights) in Sjogren’s disease
Asieris (688176.CH) licensed out cervical precancerous treatment Cevira to Theramex for US$250m; MicuRx (688373.CH) licensed out MRX-23 ADC and STOPIN platform to ClearideBio in multi-asset global deal for US$973m (upfront US$100m).
Other updates/news: Genscript/NVIDIA, SBP's PDE3/4 inhibitor, ZhongSheng Pharma's biweekly GLP-1/GIP


Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Argenx is a commercial-stage immunology company whose growth is driven by its blockbuster drug, VYVGART (efgartigimod), a first-in-class neonatal Fc receptor (FcRn) blocker for severe autoimmune diseases.</li>
 <li>The company's core strategy is a "pipeline-in-a-product"approach, aggressively pursuing label expansions for VYVGART into new indications while advancing a broader pipeline of novel antibody-based therapies.</li>
 <li>While demonstrating exceptional revenue growth and a rapid transition to profitability, the company faces significant risks from increasing competition in the FcRn inhibitor class, pipeline execution, and a premium valuation that prices in substantial future success.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Argenx is a commercial-stage immunology company whose growth is driven by its blockbuster drug, VYVGART (efgartigimod), a first-in-class neonatal Fc receptor (FcRn) blocker for severe autoimmune diseases.
  The company's core strategy is a "pipeline-in-a-product"approach, aggressively pursuing label expansions for VYVGART into new indications while advancing a broader pipeline of novel antibody-based therapies.
  While demonstrating exceptional revenue growth and a rapid transition to profitability, the company faces significant risks from increasing competition in the FcRn inhibitor class, pipeline execution, and a premium valuation that prices in substantial future success.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul>
<li>
Genscript delivered a strong set of 1H26 results, driven by AI demands. Kelun Bio, CSPC, Sino Biopharm delivered positive 1H26 results, thanks to revenue ramp-up from innovative drugs and BD</li>
<li>Hengrui missed its 2Q26 results, dragged down by generic drugs (-17% QoQ to RMB2.3bn) and moderating growth from oncology segment (-6% YoY). Yet, we are positive on its pipeline progress</li>
<li>Other updates from this week include Zai Lab/Argenx, Hutchmed/AstraZeneca, and EyePoint/Betta Pharma...
</li>
</ul>



Genscript delivered a strong set of 1H26 results, driven by AI demands. Kelun Bio, CSPC, Sino Biopharm delivered positive 1H26 results, thanks to revenue ramp-up from innovative drugs and BD
Hengrui missed its 2Q26 results, dragged down by generic drugs (-17% QoQ to RMB2.3bn) and moderating growth from oncology segment (-6% YoY). Yet, we are positive on its pipeline progress
Other updates from this week include Zai Lab/Argenx, Hutchmed/AstraZeneca, and EyePoint/Betta Pharma...



Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>ACWI-US remains above its 2-month base and EAFE(EFA-US) remains above its 5.5+month base, however, 2-week flag patterns have resolved to the downside, giving us reason for pause in the near-term.</li>
<li>We view Tuesday's price action as "a day to take notice" and suggests that the bounce in MSCI EM (EEM-US) and A.I. names since late-July has potentially run its course</li>
<li>We are much more neutral on EEM-US and A.I. names and see more choppiness ahead. We still see plenty of opportunity in non-A.I. names.</li>
</ul>


ACWI-US remains above its 2-month base and EAFE(EFA-US) remains above its 5.5+month base, however, 2-week flag patterns have resolved to the downside, giving us reason for pause in the near-term.
We view Tuesday's price action as "a day to take notice" and suggests that the bounce in MSCI EM (EEM-US) and A.I. names since late-July has potentially run its course
We are much more neutral on EEM-US and A.I. names and see more choppiness ahead. We still see plenty of opportunity in non-A.I. names.


Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys: Energy, Healthcare, Shipping

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.</li>
<li>Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.
Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.


Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Netherlands

argenx SE operates as a biotechnology company. The Company develops antibody based therapies for the treatment of severe autoimmune diseases and cancer. argenx serves customers in the Netherlands and Belgium.

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Argenx SE (ARGX US)

China Healthcare Weekly Wrap (5-9 Oct)

Key news this week: 1) Arrivent's ph3 lung cancer study flop, 2) efgartigimod (argenx/ZLAB) discontinued in a ph3 study in Sjogren’s disease, 3)...

Wilfred Yuen

Primer: Argenx SE (ARGX US) - Aug 2026

Argenx is a commercial-stage immunology company whose growth is driven by its blockbuster drug, VYVGART (efgartigimod), a first-in-class...

αSK Primers

China Healthcare Weekly Wrap (17-21 Aug)

In this weekly wrap, we cover 1H26 results from Genscript, Hengrui, Sino Biopharm, CSPC, Kelun Biotech. Other news/updates include Zai Lab/Argenx,...

Wilfred Yuen

Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys: Energy, Healthcare, Shipping

Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys in Energy $XLE $FTI $CVE $CNQ, Health Care, and Marine Shipping. Tuesday's...

Vermilion Research

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

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