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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