Jefferies cuts Genmab's PT by 23% on uncertain development pipeline

Genmab A/S

25/11/2024 12:49

** Jefferies cuts PT on Genmab  GMAB.CO  ("hold") by 23% to
DKK 1,650, citing uncertainty of the success in cancer drug
studies by the Danish biotech group and its partners
    ** "At present we lack sufficient confidence in what the
next pipeline blockbuster asset could be," says Jefferies 
    ** It cites lack of visibility in the study on
HexaBody-CD38, or "next gen Darzalex", conducted by Genmab's
partner Johnson & Johnson  JNJ.N 
    ** BioNTech  22UAy.DE  opting out from the development of
acasunlimab further undermines the belief in this drug and
Genmab's profits, it adds
    ** Jefferies says Genmab's valuation could be compelling
depending on the market situation, but warns of challenges to
royalties from Darzalex
    ** Out of 26 analysts that cover Genmab, 16 rate it "strong
buy" or "buy", ​eight "hold", and two​ "strong sell" or "sell" -
LSEG

 (Reporting by Vera Dvorakova)
 ((vera.dvorakova@thomsonreuters.com))