Market Overview - U.S. stock futures are up early Monday morning, following a mixed week with a rotation from expensive tech stocks to value stocks, despite a third consecutive interest rate cut [1] - The 10-year Treasury bond yielded 4.17%, while the two-year bond was at 3.51% [3] - The CME Group's FedWatch tool indicates a 73.4% likelihood of the Federal Reserve keeping interest rates unchanged at its next meeting on January 28, 2026 [3] Stocks in Focus - iRobot Corp. is down 81.98% pre-market after filing for bankruptcy due to tariffs impacting margins [5] - MindWalk Holdings is expected to report a loss of $0.01 per share on $4 million in revenue, with the stock up 10.73% pre-market [5] - Katapult Holdings is down 9.12% pre-market following news of an all-stock merger with Aaron's and CCF [5] - Argenx SE is down 6.72% pre-market after discontinuing its Phase 2 studies for thyroid eye disease [4] Economic Data and Events - The Empire State Manufacturing Survey results are anticipated, along with speeches from Federal Reserve officials [2][12] - Upcoming economic data includes the home builder confidence index from the National Association of Home Builders [12] Commodity and Crypto Markets - Crude oil futures are trading higher by 0.31% at approximately $57.42 per barrel [10] - Gold Spot is up 1.10%, hovering around $4,346.35 per ounce [10] - Bitcoin is trading 1.90% higher at $89,848.10 per coin [10]

Group 1 - U.S. stock futures are trading higher, indicating potential investor interest in various stocks [1] - MindWalk Holdings Corp. (NASDAQ:HYFT) is expected to report a quarterly loss of $0.01 per share on revenue of $4.00 million, with shares falling 5.4% to close at $1.77 [1] - Argenx SE (NASDAQ:ARGX) has discontinued Phase 3 UplighTED studies of Efgartigimod SC in thyroid eye disease after a futility review, leading to a 1.3% drop in shares to close at $877.94 [1] - Navan Inc. (NASDAQ:NAVN) is anticipated to post a quarterly loss of $0.25 per share on revenue of $182.04 million, with shares gaining 4.53% to $14.55 [1] - AMREP Corp. (NYSE:AXR) reported disappointing second-quarter results, with earnings of $0.22 per share and sales of $9.398 million, both missing analyst estimates, resulting in a 4.1% decline in shares to $20.16 [1] - Champions Oncology Inc. (NASDAQ:CSBR) is expected to report quarterly earnings of $0.01 per share on revenue of $14.04 million, with shares surging 6.3% to close at $6.72 [1]

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]