Genmab (Sell, TP: DKK2650.00) - FDA approval of epcoritamab
Following positive results from the EPCORE NHL-1 trial, the FDA has approved epcoritamab (Epkinly) for the treatment of 3L+ patients with diffuse large B-cell lymphoma (DLBCL). We believe this was expected by the market (we estimated a 95% POA). However, we still see a mismatch between consensus Epkinly sales and the timeline for further approvals (although 2023 consensus has come down significantly YOY). We also note substantial competition in DLBCL. We reiterate our SELL and DKK2,650 target price.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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