Genmab A/S (GMAB) PT Raised to $49 at Truist Securities

Truist Securities analyst Asthika Goonewardene raised the price target on Genmab A/S (NASDAQ: GMAB) to $49.00 (from $46.00) while maintaining a Buy rating.

The analyst comments "GMAB's proposed acquisition of Merus (MRUS, Hold) announced earlier this week (9/29) gives it full rights to petosemtamab, an EGFR × LGR5 bispecific, currently in two Phase 3 trials in head and neck cancer, with topline interim readout of one or both trials anticipated in 2026+ (see our notes here and here). Importantly, Peto adds a largely derisked $1.8B topline contribution in 2029 ($1.45B risk-adjusted) in Head & Neck cancer, which provides a very nice offset to the expected Darzalex royalty decline (see Exhibit 1). We updated our GMAB model post the GMAB/MRUS deal and increase our price target to $49 from $46."

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