BMO Capital upgraded Genmab to Outperform from Market Perform with a price target of $48, up from $46. Post the fiscal 2023 earnings, the analyst is “incrementally more confident” in Genmab’s ability to diversify its business longer-term, which currently relies heavily on Darzalex revenues from Johnson & Johnso (JNJ). Excluding the pipeline, the firm values Genmab at $43, “which still represents significant upside to shares.” BMO says the company has pipeline optionality with two shots on goal in acasunlimab and GEN3014 with updates for both programs this year.
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