Genmab A/S (GMAB) PT Lowered to $50 at Truist Securities

Truist Securities analyst Asthika Goonewardene lowered the price target on Genmab A/S (NASDAQ: GMAB) to $50.00 (from $53.00) while maintaining a Buy rating.

The analyst comments "In our view, Genmab's valuation does the stock a disservice, and fails to give adequate credit to the company's established revenues, pipeline potential, and platform. We get it - investors may be anxious to own GMAB ahead of J&J's (JNJ, Not Rated) go/no-go decision to opt-in on GEN3014. But the stock trading at ~$27/share (last close) suggests investors are assuming zero/minimal probability of success for 2 or more key pipeline assets. While we trim our PT to $50 (from $53) on refined sales & expense forecasts, we maintain that GMAB is a high quality name, and we think patient investors should buy into the long-term growth potential."

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