Argenx slumps on negative topline results from ADDRESS study
** Shares in argenx ARGX.BR tumble more than 30%, set for their worst day ever, after the Belgian pharmaceutical company reports negative topline results from its ADDRESS study
** The company says the study did not meet primary or secondary endpoints, as its drug efgartigimod SC failed to outperform placebo in adults with pemphigus, a rare group of blistering autoimmune diseases
** Argenx says it will not pursue additional development in pemphigus and plans to prioritize clinical development of efgartigimod in its ongoing severe autoimmune indications
** "Argenx receives a second painful blow in a short period of time following earlier negative results on ITP less than a month ago," KBC Securities says in a note
** KBC cuts its rating to "accumulate" from "buy" and target price to EUR 435 from EUR 485
** The stock is at the bottom of Belgium's BEL 20 BFX blue-chip index
Reporting by Clement Martinot
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