Neutral/Negative Catalysts
- Valuation/expectations risk: Baird downgraded to Neutral citing valuation “stretched” and high expectations already priced in.
- Program-specific setback overhang: Prior Vyvgart setback in TED (not the core gMG/CIDP story, but it can temper sentiment).
- Elevated implied volatility: Higher IV raises the bar for “beat-and-raise”; muted updates can trigger a pullback.
- Statistical near-term risk: Similar-pattern signal points to potential weakness over the next month (-4.79%).
