Bernstein analyst Justin Smith upgraded Genmab (GMAB) to Market Perform from Underperform with a DKK 1,580 price target The firm increased its long term earnings forecasts by over 100% citing the company’s “two promising drugs” that have now entered Phase 3. Bernstein believes the share price is discounting nothing for the potential of Phase 2 asset GEN-3014/Hexabody-CD38 in myeloma. Hence, if Johnson & Johnson (JNJ) opts into the development of this drug in Q1, this would be a significant catalyst for Genmab, the analyst tells investors in a research note.
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