Bernstein downgraded Genmab (GMAB) to Underperform from Market Perform with a price target of DKK 1,000, down from DKK 1,580. The share price is “far from fully discounting” the Darzalex loss of exclusivity, the analyst tells investors in a research note. The firm reduced earnings estimates through 2029 by up to 15% to reflect Genmab’s softer sales and higher investments. Genmab will now have enough acquisition “firepower to fully neutralize the patent cliff,” Bernstein contends.
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