Analyst Jonathan Chang from Leerink Partners maintained a Buy rating on Genmab and increased the price target to $34.00 from $32.00.
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Jonathan Chang has given his Buy rating due to a combination of factors surrounding Genmab’s strategic acquisition of MRUS. This acquisition is seen as a long-term positive move, adding petosemtamab, a promising bispecific antibody, to Genmab’s late-stage pipeline. Petosemtamab has received Breakthrough Therapy Designations for head and neck squamous cell carcinoma, which could potentially enhance Genmab’s portfolio and address investor concerns about the company’s future beyond Darzalex.
Moreover, the acquisition aligns with Genmab’s strategic vision of transitioning from a royalty-dependent company to a fully integrated biotech firm with proprietary assets. The addition of MRUS’s portfolio, particularly petosemtamab, is expected to complement Genmab’s existing pipeline and contribute to long-term value generation. Despite the uncertainties related to upcoming clinical data, the acquisition is viewed as a strategic fit that reinforces Genmab’s track record of success and potential for future growth.
According to TipRanks, Chang is an analyst with an average return of -7.1% and a 34.69% success rate. Chang covers the Healthcare sector, focusing on stocks such as Zai Lab, Revolution Medicines, and Kura Oncology.
In another report released on September 23, Guggenheim also upgraded the stock to a Buy with a $43.00 price target.