Genmab upgraded to Outperform from Market Perform at Leerink

Leerink analyst Jonathan Chang upgraded Genmab (GMAB) to Outperform from Market Perform with a $27 price target, citing a longer-term view beyond the near-term Johnson & Johnson (JNJ) opt-in decision for GEN3014. The firm continues to believe it is unlikely that J&J will opt-in. However, at current stock levels, Leerink thinks that thesis is already largely baked in. Further, the firm believes that current stock levels reflect low investor expectations on this upcoming catalyst expected in Q1 2025, which aligns with its view. Leerink sees current levels as attractive with a longer-term view given Genmab’s track record of success and the potential of its late-stage pipeline programs. While the near-term GEN3014 update may introduce volatility in the stock, its long-term outlook for the stock at these levels is positive.