Genmab (Buy, TP: DKK2400.00) - HexaBody-CD38 overhang gone
JNJ has decided not to opt in for HexaBody-CD38 in multiple myeloma, prompting us to remove HexaBody-CD38 from our SOTP. We note Hexabody-CD38 showed better data than Darzalex in the head-to-head trial (ORR 55% for HexaBody-CD38 versus 52% for Darzalex). With the overhang gone, we expect share-price sentiment to improve and see significant value potential. We reiterate our BUY, but have cut our target price to DKK2,400 (2,500), based on our SOTP NPV.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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