argenx Meets Primary Endpoint in Phase II Celiac Disease Study

ARGX fell nearly 12% after the company discontinued its phase III UNITY study of Vyvgart Hytrulo in Sjögren's disease, overshadowing a separate positive readout for FB102 in celiac disease.

That readout was a clean win on paper. FB102 met the primary endpoint in a phase II celiac study, showing significant improvements in intestinal tissue measures versus placebo, with no new safety signals. argenx plans to advance FB102 into late-stage development and evaluate it in other autoimmune conditions.

The market's verdict was unambiguous: the Sjögren's discontinuation carried more weight than the celiac data. Interpretation: a phase III termination for Vyvgart Hytrulo removes a potential expansion indication for a marketed product, while FB102 remains an earlier-stage asset that still needs late-stage proof. Investors appear to have valued the near-term setback above the longer-dated pipeline upside.

The source names no other tickers in this story, so there is no read-through to AMRN, ALNY, or ALDX from the supplied facts.

The setup is a sharp drawdown driven by one negative catalyst against one positive one, with the stock pricing the negative far more heavily.