Genmab downgraded to Hold at Deutsche Bank ahead of ESMO and ASH data

Deutsche Bank analyst Emmanuel Papadakis downgraded Genmab to Hold from Buy with an unchanged price target of DKK 3,100. While daratumumab is "looking comfortably" like a $12B-plus asset that makes it "easy to justify" a market cap of $20B-plus for Genmab, anything "materially north" of the current market cap near $28B would require "firm confidence" in hexabody CD38 potential and other emergent pipeline assets that he is currently lacking, Papadakis said. He does not have "a particularly positive view" on the risk/reward into December datapoints that include ESMO IO abstracts and the ASH meeting, Papadakis added.