Genmab: RBC upgrades stock
(CercleFinance.com) - RBC announced on Monday that it had upgraded its recommendation on Genmab from 'sector perform' to 'outperform', with a target price maintained at DKK 2,400, representing 30% upside potential.
In a research note, the Canadian broker points out that the Danish biotech's share price has lost around 50% since its 2022 highs, due to the uncertainty surrounding developments after Darzalex, the blockbuster multiple myeloma treatment it originated.
Nevertheless, Genmab remains one of the most exciting stories in the European biotech sector, with eight compounds on the market derived from its technology platform, the broker says.
While acknowledging that Darzalex will be difficult to replace following patent expiry in 2029, RBC points out that Genmab's 'pipeline' (portfolio of projects in development) is well-filled, and that Epkinly, a lymphoma treatment it has developed, is meeting with some success.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
In a research note, the Canadian broker points out that the Danish biotech's share price has lost around 50% since its 2022 highs, due to the uncertainty surrounding developments after Darzalex, the blockbuster multiple myeloma treatment it originated.
Nevertheless, Genmab remains one of the most exciting stories in the European biotech sector, with eight compounds on the market derived from its technology platform, the broker says.
While acknowledging that Darzalex will be difficult to replace following patent expiry in 2029, RBC points out that Genmab's 'pipeline' (portfolio of projects in development) is well-filled, and that Epkinly, a lymphoma treatment it has developed, is meeting with some success.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.