Genmab upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital analyst Alistair Campbell upgraded Genmab to Outperform from Sector Perform with a DKK 2,400 price target. Genmab’s shares have fallen 50% from the 2022 peak on “dampened hopes for prospects post-Darzalex,” the analyst tells investors in a research note. However, the firm says Genmab remains one of the most successful European biotechnology companies with eight approved medicines using Genmab technology. While Darzalex is a “big hole” to fill post-2029, Epkinly is launching well and the pipeline is full, contends RBC. Its scenario analysis for four pipeline assets suggests the current share price assumes total failure.