UPDATE: Berenberg Starts Genmab A/S (GEN:DC) (GMAB) at Sell

December 1, 2021 4:37 AM EST
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(Updated - December 1, 2021 5:49 AM EST)

Berenberg initiates coverage on Genmab A/S (GEN:DC) (NASDAQ: GMAB) with a Sell rating and a price target of DKK2,200.00.

The analyst comments "Genmab is one of the best European biotech companies, with five marketed drugs and a pipeline of “knock-your-socks-off” antibodies. The myeloma drug Darzalex is its cornerstone product, with estimated peak sales of cUSD12bn. Understandably, the market has high pipeline expectations for such a superstar. However, we became uncomfortable when the current valuation started to imply expectations for almost two Darzalex-like products to emerge from Genmab’s pipeline. While key near-term launches have blockbuster potential, we believe it is too early to forecast megabuster peak sales. We initiate on Genmab with a Sell rating and a price target of DKK2,200."

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