Genmab A/S

Genmab is a biotechnology company specializing in the creation and development of differentiated human antibody therapeutics focused on the treatment of cancer. Co.'s product pipeline includes one marketed product, Arzerra, daratumumab in late stage clinical development, four antibodies in clinical development, and over 20 in-house and partnered pre-clinical programs. Co.'s Arzerra (ofatumumab) is a human monoclonal antibody which targets an epitope on the CD20 molecule. Co.'s proprietary technologies include the DuoBody technology, which creates antibodies that can target two molecules at once, and the HexaBody technology, which allows for the creation of more potent antibodies.
  • TickerGEN
  • ISINDK0010272202
  • ExchangeNasdaq Nordic Copenhagen
  • SectorPharmaceuticals & Biotechnology
  • CountryDenmark
Loic Morvan

GENMAB: Time for a break | NEUTRAL vs. BUY | DKK1950 vs. DKK1900 (-2%)

GENMAB - NEUTRAL vs. BUY | DKK1950 vs. DKK1900 (-2%) Time for a break Recent developments pushed stock to an all-time high ASCO data confirmed Epco’s potential BioNTech collaboration adds DKK50/share to our Fair Value Downgrade from Buy to Neutral

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Sector Synopsis

Int'l Equity Strategy Global equities were on a tear in early January, continuing the trend that began in 4Q2019. As global equities started to get extended, the coronavirus outbreak hit in mid-January, leading to some market setbacks and deterioration in market indicators as global growth expectations were dialed-in. Despite this deterioration, what was important to us was that there were not any breakdowns. Even the areas of the market most-directly affected by the outbreak -- China (MSCI China) and EM (MSCI EM) -- were not breaking down. To us, this was a reassuring sign of underlying stre...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Overweight Global Technology & Industrials The absence of breakdowns in both the US dollar (DXY) and the MSCI EAFE vs. EM ratio along with the positive correlation between the two allows us to continue sticking with EAFE over EM... see charts below. As long as the DXY's uptrend remains intact, we expect EAFE to continue outperforming EM. Below we highlight attractive and actionable themes within developed int'l markets: • Technology and Industrial Manufacturing. Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account fo...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Health Care Hitting On All Cylinders Global equities remain in a short-term consolidation phase, however we continue to believe the longer-term trend is up and to the right for the MSCI ACWI following the late-October breakout... see chart below. • Market Ignoring Negative Headlines. Global equity markets continue to generally shrug off seemingly bearish headlines surrounding trade, Trump impeachment hearings, and ongoing protests in Hong Kong. This tells us that the good outweighs the bad in the eyes of the market. While we view the fact that none of these issues have yet to derail global m...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

EAFE > EM; Add exposure to Japan Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). Below we highlight attractive and actionable themes within developed int'l: • Japan, Switzerland, Australia, Canada. Major Japanese indexes have been underperforming for nearly two years but are making bullish price and RS inflections and exhibit early signs of bottoming. Switzerland, Australia, and Canada are all trading at multi-year highs and are among the most attractive coun...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Another test of support Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown. • New cracks emerging. Breakdowns in crude oil and new lows for the STOXX 600 Bank supersector are two recent developments which have dampened our overall outlook... see charts below. • Tes...

Loic Morvan

GENMAB: Time for a break | NEUTRAL vs. BUY | DKK1950 vs. DKK1900 (-2%)

GENMAB - NEUTRAL vs. BUY | DKK1950 vs. DKK1900 (-2%) Time for a break Recent developments pushed stock to an all-time high ASCO data confirmed Epco’s potential BioNTech collaboration adds DKK50/share to our Fair Value Downgrade from Buy to Neutral

Victor Floc’h

GENMAB: 2020 guidance reiterated on the back of a strong first quarter | BUY | DKK1900(+12%)

GENMAB - BUY | DKK1900(+12%) 2020 guidance reiterated on the back of a strong first quarter Robust financials driven by a healthy Darzalex Key drivers of Darzalex remain in place Tisotumab vedotin: top-line results expected around mid-year Epcoritamab could trigger a deal in the coming months Buy rating confirmed and DKK1900 FV reiterated

Rune Majlund Dahl

Genmab (Hold, TP: DKK1750.00) - Strong news flow ahead

Q1 revenue of DKK892m was below our estimate and consensus, but lower opex led to a higher than expected EBIT of DKK71m. The company retained its 2020 guidance and comments around the upcoming launch of Darzalex Fastpro are encouraging in addition to a continued strong news flow in 2020e. We reiterate our HOLD, but have lifted our target price to DKK1,750 (1,600). We expect the shares to be trading up 1–3%.

Rune Majlund Dahl

Genmab (Hold, TP: DKK1600.00) - Darzalex momentum continues

In its Q1 report, Johnson & Johnson reported slightly better Darzalex sales than we expected, at USD937m, versus our estimate of cUSD904m. Sales were weak in the US at USD463m (our estimate: USD482m), while International Markets showed a strong performance with USD474m (our estimate: USD422m). We continue to see Darzalex sales at the lower end of the USD3.9bn–4.2bn guidance for 2020. We reiterate our HOLD and DKK1600 target price.

Rune Majlund Dahl

Genmab (Hold, TP: DKK1600.00) -

We forecast Q1 global Darzalex sales of USD904m, and have cut our 2020e Darzalex sales to the lower end of the USD3.9bn–4.2bn guidance on our expectation of a lower contribution in 2020 from SubQ Darzalex pending US approval in H1 2020e. Genmab’s Q1 results are due at 17:00 CET on 6 May, while Johnson & Johnson is due to report Darzalex sales on 14 April. We reiterate our HOLD but have cut our target price to DKK1,600 (1,685).

Håkon Astrup ...
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Alexander Aukner ...
  • Håkon Astrup
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Viktor Trollsten

Northern Lights

Karl-Johan Bonnevier ...
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Håkon Astrup ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Joachim Gunell ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

GENMAB A/S sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of GENMAB A/S (DK), a company active in the Biotechnology industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date February 18, 2020, the closing price was DKK 1,665.00 and its potential was estimated at DKK 1,754.03.

Expert Corporate Governance Service (ECGS)

Genmab - AGM 26 March 2020

In general, Genmab is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 2 the board of directors seeks approval of the Company's financial statements as well as discharge from liability. Although ECGS has no concerns over the annual accounts, it does not approve of the discharge requested since there is no (legal) requirement for it in Denmark. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 4f it is proposed to newly appoint Mr. Jonathan Peacock as Member of the board of directors. Based on the available i...

Expert Corporate Governance Service (ECGS)

Genmab, March 29 2019

In general, Genmab is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 2, it is proposed to approve the Company's financial statements and to discharge the board of directors and executive management from liability for the FY 2018. Although ECGS has no concerns over the annual accounts it does not approve of the discharge requested. ECGS accordingly recommends to vote OPPOSE. Under ITEM 4a, it is proposed to re-appoint Mr. Mats Pettersson as Chairman of the board of directors. Although he is considered independent...

Genmab – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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