Core Viewpoint - argenx SE has announced the discontinuation of the Phase 3 UplighTED studies evaluating efgartigimod for moderate to severe thyroid eye disease (TED) based on an Independent Data Monitoring Committee's recommendation due to futility [1][2] Group 1: Study Discontinuation - The Phase 3 UplighTED studies were halted after an interim analysis indicated that the trials did not meet the desired outcomes [2][3] - The decision reflects a responsible evaluation of the study's future likelihood of success, emphasizing the company's commitment to disciplined resource management [3] Group 2: Study Design and Objectives - The UplighTED studies were randomized, double-masked, placebo-controlled trials designed to assess the efficacy, safety, tolerability, pharmacokinetics, pharmacodynamics, and immunogenicity of efgartigimod in adults with active, moderate-to-severe TED [4] - The primary endpoint was the percentage of participants who were proptosis responders at week 24, with key secondary endpoints including changes in proptosis measurement and quality of life scores [4] Group 3: Background on Thyroid Eye Disease - Thyroid Eye Disease (TED) is an autoimmune condition associated with Graves' disease and characterized by symptoms such as proptosis, diplopia, and potential vision loss, significantly impacting patient quality of life [5] Group 4: About Efgartigimod - Efgartigimod is a human IgG1 antibody fragment that reduces circulating IgG autoantibodies and is the first approved FcRn blocker for various autoimmune diseases [6]

Group 1 - The article discusses the investment potential in biotech stocks, particularly focusing on argenx (ARGX), highlighting its growth story as both impressive and challenging [2]. - The Growth Stock Forum, led by a former stockbroker, emphasizes identifying growth stocks with significant potential and offers a model portfolio and trading ideas [2]. - The forum includes a community aspect for dialogue and questions, enhancing investor engagement and information sharing [2]. Group 2 - The article does not provide specific financial data or performance metrics related to argenx or other stocks mentioned [3][4][5].

Core Points - argenx SE, a global immunology company, held its Extraordinary General Meeting of shareholders on November 18, 2025, to discuss its remuneration policy [1] - The remuneration policy was approved with a significant majority of 95.67%, with 91.1% of share capital represented at the meeting [2] Company Overview - argenx is dedicated to improving the lives of individuals suffering from severe autoimmune diseases and collaborates with leading academic researchers through its Immunology Innovation Program [3] - The company has developed the first approved neonatal Fc receptor (FcRn) blocker and is exploring its potential across various serious autoimmune diseases while advancing several earlier-stage experimental medicines [3]

Core Insights - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] Group 1 - The article suggests that users may face blocks if ad-blockers are enabled, indicating a need to disable them for proper access [1]

Core Viewpoint - Airbus is poised to secure a significant portion of a major jet order from flydubai at the Dubai Airshow, marking a shift in the competitive landscape against Boeing for the budget carrier [1] Group 1: Company Developments - Airbus is expected to outperform Boeing in capturing a large share of flydubai's jet orders, indicating a potential breakthrough in the budget airline sector [1] - This development represents the first time Airbus has managed to break Boeing's dominance over flydubai, a fast-growing budget carrier [1] Group 2: Industry Implications - The outcome of this order could signal a shift in market dynamics within the budget airline segment, potentially affecting future orders and relationships between manufacturers and carriers [1] - The competition between Airbus and Boeing in the budget airline market is intensifying, with Airbus gaining traction in a previously Boeing-dominated space [1]

Core Insights - ClearBridge Investments reported that mid-cap stocks experienced growth in Q3 2025, driven by a favorable monetary policy environment and stabilizing earnings [1] - The Federal Reserve's rate cuts positively impacted small and mid-cap stocks, with value stocks outperforming growth stocks [1] - The ClearBridge Mid Cap Strategy outperformed the Russell Midcap Index, primarily due to stock selection in the consumer staples and healthcare sectors [1] Company Highlights - Argenx SE (NASDAQ:ARGX) is highlighted as a key stock in the ClearBridge Mid Cap Strategy, showing a one-month return of 9.11% and a 52-week gain of 48.48% [2] - As of November 12, 2025, Argenx SE's stock closed at $889.89 per share, with a market capitalization of $54.79 billion [2] - The company demonstrated strong second-quarter results, benefiting from the adoption of its lead therapy for autoimmune disorders and advancements in its clinical pipeline [3]

Core Insights - Keros Therapeutics, Inc. (KROS) is currently more attractive to value investors compared to argenex SE (ARGX) based on various financial metrics and analyst outlooks [1][3][7] Valuation Metrics - KROS has a forward P/E ratio of 10.55, significantly lower than ARGX's forward P/E of 50.00, indicating KROS is potentially undervalued [5] - The PEG ratio for KROS is 0.45, while ARGX has a PEG ratio of 0.89, suggesting KROS offers better value relative to its expected earnings growth [5] - KROS's P/B ratio stands at 0.7, compared to ARGX's P/B of 8.58, further highlighting KROS's undervaluation [6] Analyst Outlook - KROS holds a Zacks Rank of 1 (Strong Buy), indicating a positive earnings estimate revision trend, while ARGX has a Zacks Rank of 3 (Hold) [3] - KROS's stronger estimate revision activity and more attractive valuation metrics suggest it is the superior option for value investors at this time [7]

Core Insights - The Baron International Growth Fund gained 6.04% in Q3 2025, slightly underperforming the MSCI ACWI ex USA Index which appreciated 6.89% [3][4] - The performance was influenced by the Federal Reserve's easing cycle and significant investments in AI data center capacity and GPU commitments [4] Top Contributors to Performance - Lynas Rare Earths Limited contributed 1.25% to returns, with shares nearly doubling due to geopolitical tensions highlighting the importance of non-China supply sources [5] - Argenx SE added 0.79%, driven by strong sales of its drug Vyvgart, which exceeded expectations and showed potential for growth in autoimmune conditions [6] - Lundin Mining Corporation contributed 0.66%, benefiting from solid financial results and a tightening copper supply due to competitor production suspension [7] - Taiwan Semiconductor Manufacturing Company Limited and Contemporary Amperex Technology Co., Limited also contributed positively to the Fund's performance [5] Top Detractors from Performance - Constellation Software Inc. detracted 0.70% due to uncertainty around AI's impact on software and the announcement of leadership changes [8] - InPost S.A. contributed a negative return of 0.39% as concerns arose over its largest customer Allegro exploring alternative logistics solutions [9] - ODDITY Tech Ltd. saw a decline of 0.37% despite exceeding expectations, as investors were concerned about the magnitude of the earnings beat and future cost pressures [10]

Performance Overview - Baron International Growth Fund gained 6.04% in Q3 2025, underperforming its benchmark MSCI ACWI ex USA Index which appreciated 6.89% [3] - Year-to-date performance shows the Fund at 24.85%, slightly below the benchmark's 26.02% [4] - The Fund's performance remains ahead of the Proxy Benchmark on a year-to-date and one-year trailing basis [3] Market Drivers - The initiation of a Federal Reserve easing cycle and enthusiasm for AI-related investments were key drivers of global equity returns during the quarter [7][32] - Ongoing uncertainty regarding U.S. tariffs may clarify in the current quarter, but a global central bank easing cycle is evident [7][32] - The shift in U.S. trade and immigration policy, along with accommodative monetary policy, is expected to impact global inflation dynamics [7][32] Sector Performance - Poor stock selection in the Information Technology sector, particularly due to Constellation Software Inc.'s share price correction, was a significant detractor [8] - Favorable stock selection in the Materials sector, driven by positions in global security and sustainability themes, contributed positively [8] - Weak stock selection in Consumer Staples and Communication Services also negatively impacted performance [8] Geographic Performance - Underperformance was noted in Poland, Japan, and Israel, while favorable stock selection in Australia and China partially offset these losses [9] - The Fund remains optimistic about China's AI potential and structural growth story in India, despite recent underperformance [9] Top Contributors and Detractors - Top contributors included Lynas Rare Earths Limited, argenx SE, and Lundin Mining Corporation, with Lynas benefiting from geopolitical tensions [10][11][13] - Key detractors were Constellation Software Inc., InPost S.A., and ODDITY Tech Ltd., with Constellation facing uncertainty around AI impacts and leadership changes [14][15][16] Recent Investment Activity - New investments included Nomura Holdings, EssilorLuxottica SA, Pony AI Inc., and GDS Holdings Limited, reflecting a focus on high-conviction ideas [24][25][26][27] - Increased exposure to existing positions such as Lundin Mining Corporation and Japan Exchange Group, while exiting positions in less favored stocks [29] Outlook - Strong performance is expected from global markets, particularly in Europe, driven by increased defense and infrastructure spending [30][31] - The Fund anticipates continued growth in China and Korea, with many holdings poised for significant earnings improvements [31] - The competitive landscape in AI is evolving, with China emerging as a formidable player alongside U.S. technology giants [34][35][36]

Core Insights - Halozyme Therapeutics (HALO) reported Q3 2025 adjusted earnings of $1.72 per share, exceeding the Zacks Consensus Estimate of $1.63, with a year-over-year increase of 35.4% [1][7] - Total revenues for Q3 2025 reached $354.3 million, a 22% increase year-over-year, surpassing the Zacks Consensus Estimate of $337 million [1][7] Revenue Breakdown - The growth in total revenues was primarily driven by increased product sales and higher royalty payments [2] - Royalty revenues amounted to $236 million in Q3, reflecting a 52% increase from the previous year, driven by strong demand for Phesgo, subcutaneous Darzalex, and Vyvgart Hytrulo [6] - Product sales were reported at $94.2 million, an 8.7% increase year-over-year, exceeding the model estimate of $83.8 million [8] - Revenues from collaborative agreements decreased by 50.4% year-over-year to $24 million [8] Financial Performance - Adjusted EBITDA for Q3 was $248.2 million, representing a 35% increase from the prior year [8] - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $702 million, up from $548.2 million as of June 30, 2025 [9] Guidance Update - Halozyme raised its 2025 revenue guidance to a range of $1.30 billion to $1.38 billion, up from the previous range of $1.28 billion to $1.36 billion [10] - Royalty revenue expectations were adjusted to $850-$880 million, compared to the earlier forecast of $825-$860 million [11] - Adjusted EBITDA guidance was increased to $885-$935 million, up from $865-$915 million [11] - Adjusted earnings per share guidance was raised to a range of $6.10-$6.50, compared to the previous range of $6.00-$6.40 [11] Recent Developments - Halozyme announced a definitive agreement to acquire Elektrofi, a biopharmaceutical company specializing in ultra-high concentration microparticle technology for biologics [12] - The acquisition involves an upfront payment of $750 million, with potential milestone payments of $50 million each, contingent on regulatory approvals for three products [13]