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Argenx, an immunology company and the second largest position of BB Biotech (~17% of NAV) came out with disappointing clinical data for registrational trial (ADVANCE) for its only product, Vyvgart, in rare blood disorder. Neither primary nor secondary endpoints were met, and the share is down 9% (rebounded a bit from earlier 17%). BB Biotech trades at a slight discount of 2.5% relative to the net asset value of its portfolio (12M average premium of 9%).
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