Biotech specialist Argenx joins Euro Stoxx 50 index
Belgian biotech company Argenx is joining the Euro Stoxx 50 index on Monday. Since it was first listed on the Brussels stock exchange 11 years ago, the value of its shares has risen by around 7,200 per cent.
According to financial news agency Bloomberg, its inclusion in the index could spark new interest in the biotech sector, which has long been ignored by cautious European investors. Analysts believe that Argenx shares still have considerable potential.
“Argenx is a global role model,” says David Seynnaeve, an analyst at Bank Degroof Petercam. “It will help to interest European generalist investors, who are generally more risk-averse than American investors, in the story.”
Sales doubled
The main product of Argenx – headquartered in Ghent – is Vyvgart, used to treat several rare conditions. Sales of the drug in the second quarter of this year were almost twice as high as in the same period last year.
Deutsche Bank and energy company Siemens Energy also make their appearance in the Euro Stoxx 50, which represents the companies with the highest market capitalisation in the eurozone per sector. Brewing giant AB InBev is the only other Belgian company in the index.
Telecom equipment manufacturer Nokia, car manufacturer Stellantis and drinks company Pernod Ricard – all affected by US president Donald Trump's import tariffs – are disappearing from the index.
#FlandersNewsService | © Former prime minister Alexander De Croo and EU Commissioner for Competition Margrethe Vestager visit the laboratories of Argenx in Zwijnaarde, East Flanders, February 2024 © BELGA PHOTO BENOIT DOPPAGNE
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