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
Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • David Martinsson
  • Håkon Astrup
  • Jimi Lehtonen
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo
  • Viktor Trollsten

Northern Lights

Rune Majlund Dahl

Genmab (Hold, TP: DKK2400.00) - US Darzalex shows recovery

In its Q2 report, Johnson & Johnson noted lower Darzalex sales than we expected, at USD901m, below our estimate of cUSD936m. US sales were strong at USD492m (we estimated USD481m), while International Markets slowed compared to a strong Q1 with USD409m (our estimate: USD455m). We continue to see Darzalex sales at the mid-point of guidance for 2020e. We retain our HOLD and DKK2,400 target price

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...

Rune Majlund Dahl

Genmab (Hold, TP: DKK2400.00) - US Darzalex shows recovery

In its Q2 report, Johnson & Johnson noted lower Darzalex sales than we expected, at USD901m, below our estimate of cUSD936m. US sales were strong at USD492m (we estimated USD481m), while International Markets slowed compared to a strong Q1 with USD409m (our estimate: USD455m). We continue to see Darzalex sales at the mid-point of guidance for 2020e. We retain our HOLD and DKK2,400 target price

Rune Majlund Dahl

Genmab (Hold, TP: DKK2400.00) - Limited Covid-19 impact

We expect slightly lower Darzalex sales in Q2 QOQ due to Covid-19, and estimate global sales of USD936m. We are at the mid-point of the USD3.9bn–4.2bn sales guidance for 2020e. Genmab’s Q1 results are due at 17:00 CET on 12 August, while Johnson & Johnson is due to report Darzalex sales on 16 July. We retain our HOLD but have lifted our target price to DKK2,400 (2,100) based on positive pipeline news flow.

Victor Floc’h

GENMAB: Positive results in cervical cancer should speed up Genmab’s commercial transformation | NEUTRAL | DKK2150 vs. DKK2000

GENMAB - NEUTRAL | DKK2150 vs. DKK2000 (-1%) Positive results in cervical cancer should speed up Genmab’s commercial transformation A 24% ORR put it at the forefront of the cervical space TV seems to have an edge over Keytruda in 2L+ setting This success paves the way for 1L use TV’s reach could go way beyond cervical cancer Genmab is on track to become an integrated biopharma company

Victor Floc’h

GENMAB: Highly anticipated Epcoritamab’s partnership signed with AbbVie | NEUTRAL | DKK2000 vs. DKK1950 (+2%)

GENMAB - NEUTRAL | DKK2000 vs. DKK1950 (+2%) Highly anticipated Epcoritamab’s partnership signed with AbbVie Fourth largest oncology partnership going beyond Epco alone Epco’s financial terms are fully in line with Genmab’s wishes CD20xCD3 Bispecifics should outperform CAR-Ts therapies Safety seems to be the key differentiator in the CD20xCD3 bispec space Neutral confirmed, FV increased to DKK2,000

Rune Majlund Dahl

Genmab (Hold, TP: DKK2100.00) - AbbVie broad oncology deal struck

Genmab and AbbVie announced a broad collaboration on bispecific antibody candidates including epcoritamab, which sees AbbVie pay Genmab USD750m upfront and potential milestone payments of up to USD3.15bn for a total deal including up to seven potential drug candidates. We view the announcement as very attractive for Genmab, and AbbVie an ideal partner for epcoritamab. We reiterate our HOLD, but have lifted our target price to DKK2,100 (1,750).

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • David Martinsson
  • Håkon Astrup
  • Jimi Lehtonen
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo
  • Viktor Trollsten

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Nicolay Dyvik ...
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

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

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.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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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