Genmab upgraded to Neutral from Underperform at Exane BNP Paribas

Exane BNP Paribas analyst Victor Floch upgraded Genmab (GMAB) to Neutral from Underperform with a DKK 1,500 price target. The shares trade at a four-year low pending Johnson & Johnson’s (JNJ) decision on Darzalex “2.0,” the analyst tells investors in a research note. Exane sees this catalyst as “positively skewed,” with its work suggesting 20% potential upside and 10% potential downside on the news, with a “blue-sky scenario” yielding 60% share upside. The firm views Genmab as “reasonably valued” at current share levels.