The FB102 CatalystAgainst this macro context, argenx SE (NASDAQ:ARGX) entered a definitive all-cash agreement on July 27 to acquire clinical-stage biotech Forte Biosciences, Inc. (NASDAQ:FBRX) for $77 per share, valuing the company at over $2.2 billion. According to CEO Karen Massey’s “Vision 2030” framework, which targets 50,000 patients and ten designated indications worldwide, argenx SE (NASDAQ:ARGX) needs a supplementary second leg in immunology. Moreover, argenx SE (NASDAQ:ARGX) trades at a forward price-to-earnings ratio of approximately 33.8x, based on fiscal 2026 consensus earnings expectations of $26.95 per share, and a forward enterprise value-to-sales multiple of around 7.0x. Importantly, argenx SE (NASDAQ:ARGX) has a low short interest of only 2.47% of float. With core top-line growth of 63% and a forward P/E supported by high-margin commercial performance, argenx SE (NASDAQ:ARGX) is an interesting immunology compounder.