Genmab shares upgraded, price target raised to $48

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Genmab shares upgraded, price target raised to $48
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On Friday, BMO Capital Markets raised its rating for biotechnology firm Genmab A/S (NASDAQ: GMAB ) from Market Perform to Outperform, simultaneously increasing the price target to $48 from the previous $46. The adjustment follows Genmab's full-year 2023 earnings report, which bolstered confidence in the company's potential for business diversification.

The company, which has been heavily dependent on revenues from its Darzalex partnership with Johnson & Johnson (NYSE: JNJ ), is now seen to have a more promising outlook. The analyst from BMO Capital Markets notes that, excluding the pipeline, Genmab is valued at $43, indicating a significant potential rise in share value.

Genmab's pipeline includes important projects that could contribute to the company's growth. Two notable programs are acasunlimab (GEN1046), which is being developed in partnership with BioNTech (NASDAQ: BNTX ) and acts on PD-L1 and 4-1BB, and GEN3014 (HexaBody-CD38). Both of these programs are expected to provide updates within the current year.

The price target of $48 implies a positive perspective on Genmab's stock, reflecting the analyst's increased confidence in the company's long-term strategy and the anticipated progress of its pipeline products.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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