Genmab downgraded to Neutral at Citi with risk/reward ‘more balanced’ for 2023

Citi analyst Peter Verdult downgraded Genmab to Neutral from Buy with a price target of DKK 3,055, down from DKK 3,165, telling investors that he sees a more balanced risk/reward for 2023. While recent ASH datasets "reinforced the competitive profile" of Genmab-exposed assets, he is concerned that the market is over-emphasizing the importance of GEN3014 with timelines for head-to-head data versus Darzalex Faspro possibly slipping into 2024, said Verdult, who adds that datasets in 2023 are "likely to be incremental."