Genmab upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank upgraded Genmab to Buy from Hold with an unchanged price target of DKK 2,750. The analyst says diminishing pipeline confidence has seen the share price drop over 30%. Genmab’s pipeline story “now looks largely to the upside” and, with this year’s hexabody update looking more encouraging, that makes for an attractive setup, the analyst tells investors in a research note. The firm notes that Genmab “not only remains profitable but looks set to accumulate over half its current market cap in cash over the next decade whilst continuing to invest in the pipeline.”