Here’s What Pulled Down Argenx (ARGX) in Q2

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Investor Class fund ARTMX returned 14.40%, Advisor Class fund APDMX posted a return of 14.45%, and Institutional Class fund APHMX returned 14.50%, compared to a 18.20% return for the Russell Midcap Growth Index. Global markets experienced a significant but volatile Q2, rotating from double-digit declines to double-digit gains. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its second-quarter 2025 investor letter, Artisan Mid Cap Fund highlighted stocks such as Argenx SE (NASDAQ:ARGX). Argenx SE (NASDAQ:ARGX) is a commercial-stage biopharma company. The one-month return of Argenx SE (NASDAQ:ARGX) was 19.50%, and its shares gained 28.16% of their value over the last 52 weeks. On August 7, 2025, Argenx SE (NASDAQ:ARGX) stock closed at $673.15 per share, with a market capitalization of $42.462 billion.

Artisan Mid Cap Fund stated the following regarding Argenx SE (NASDAQ:ARGX) in its second quarter 2025 investor letter:

“Among our top detractors were Baker Hughes, Argenx SE (NASDAQ:ARGX) and Atlassian. Argenx is a commercial-stage biotechnology company with an approved first-in-class therapy (VYVGART®) to treat autoimmune diseases. The company received approval from the FDA in 2024 to use VYVGART for chronic inflammatory demyelinating polyradiculoneuropathy (CIDP), which we expect to be the drug’s second blockbuster indication given this is the first meaningful advance for patients in decades. Meanwhile, VYVGART’S first approved indication to treat myasthenia gravis continues to shine. However, the stock recently has come up against uncertainty related to US policies, including tariffs and a recent Trump administration executive order requiring “most favored nation” pricing for prescription drugs. Amid this uncertainty, Argenx reported earnings results that were solid (sales nearly doubled year-over-year) but less impressive than prior periods due to the annual Q1 process of having to reverify patients’ insurance coverage. However, as a highly efficacious rare disease drug, we believe VYVGART’S pricing should prove relatively stable under a fairly wide range of policy outcomes. And with most of the company’s manufacturing located in the US, we see tariffs as very manageable. As such, we remain very optimistic about the company, led by VYVGART’S future growth potential.

In another article, we covered Argenx SE (NASDAQ:ARGX) and shared Baron Health Care Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.