Genmab: shares fall after broker downgrade
(CercleFinance.com) - Genmab shares are tumbling 3.
7% to 833.6 Danish kronor on Wednesday, after Berenberg downgraded its recommendation on the Danish biotech firm, citing disappointing sales of the myeloma drug Darzalex.
The German broker has cut its rating on the stock from "buy" to "hold," having cut its corresponding target price from 1,400 Danish kronor to 1,000 Danish kronor.
In a note sent to clients, Berenberg said third-quarter sales of Darzalex from Genmab's partner Janssen recently missed consensus expectations by 13%.
The broker pointed out that Genmab receives royalties on Darzalex, which last year represented around 45% of the company's revenues.
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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.
7% to 833.6 Danish kronor on Wednesday, after Berenberg downgraded its recommendation on the Danish biotech firm, citing disappointing sales of the myeloma drug Darzalex.
The German broker has cut its rating on the stock from "buy" to "hold," having cut its corresponding target price from 1,400 Danish kronor to 1,000 Danish kronor.
In a note sent to clients, Berenberg said third-quarter sales of Darzalex from Genmab's partner Janssen recently missed consensus expectations by 13%.
The broker pointed out that Genmab receives royalties on Darzalex, which last year represented around 45% of the company's revenues.
Copyright (c) 2018 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.