JPMorgan downgraded Genmab to Neutral from Overweight with a price target of DKK 2,050, down from DKK 2,500. The firm also placed shares on Negative Catalyst Watch. Updating for recent developments, the firm sees 15%/22% downside to consensus 2025 and 2026 EBIT forecasts, with increasing operating expense spend not yet captured. The analyst also sees longer-term downside to consensus forecasts with topline and gross margin/OpEx assumptions looking “over-optimistic.”
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