Argenx down as 'in-line' Q1 results viewed as disappointing amid high expectations

** Shares of Argenx SE ARGX down 9% after the Belgian biotech company reported in-line Q1 results on Thursday

** Argenx reported Q1 Vyvgart sales of $790 million, 1% ahead of company consensus of $784 million

** "Given the high level of expectation for this name and historic mid- to high-single-digit beats on results, an in line beat is viewed as potentially disappointing," Barcalys analyst Charles Pitman-King says

** Brokerage J.P. Morgan said the performance, slightly softer than it and some investors had anticipated, reflected both typical negative Q1 seasonality and an unexpected headwind from increased gross-to-net (GtN) discounting.

** "We would see any softness in shares today as a buying opportunity into Q2 results on July 31st, where we expect to see Vyvgart growth accelerate," brokerage J.P. Morgan says in a note

** Argenx says its financial guidance remains unchanged

** The stock is at the bottom of European blue-chip index STOXX600 (FXXPc1)

($1 = 0.8864 euros)