reports
- Jørgen Lian
Cool Company (Buy, TP: NOK133.00) - Upside potential outweighs risk
Despite soft freight markets, we believe Cool Company offers attractive upside potential at the current valuation, trading at an average 2025–2026e EV/EBITDA of 7.0x (FLNG 9.5x). If we assume spot rates matching opex translates to 10.0x, spot rates equal to the YTD 3-year TC rates would calculate to 6.2x (or NOK195/share at an 8.0x EV/EBITDA). We reiterate our BUY, but have cut our target price to NOK133 (160).
Grant of Restricted Stock Units and Warrants to Employees in Genmab
Grant of Restricted Stock Units and Warrants to Employees in Genmab Company Announcement COPENHAGEN, Denmark; November 21, 2024 – (Nasdaq: GMAB) announced today that the Board decided to grant 10,273 restricted stock units and 10,853 warrants to employees of the Company and the Company's subsidiaries. Each restricted stock unit is awarded cost-free and provides the owner with a conditional right to receive one share in Genmab A/S of nominally DKK 1. The fair value of each restricted stock unit is equal to the closing market price on the date of grant of one Genmab A/S share, DKK 1,447.50...
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- Patrik Ling
Vicore Pharma (Buy, TP: SEK38.00) - ASPIRE now recruiting
The Q3 report was a non-event, but most importantly, the company initiated the phase IIb trial ASPIRE in patients with IPF in September. After quarter-end, it executed a capital increase, raising cSEK882m (before costs), which combined with cash at end-Q3 should take it to ASPIRE data read-out. We reiterate our BUY and SEK38 target price.
- Rune Majlund Dahl
Genmab (Buy, TP: DKK2500.00) - Still awaiting CD-38 decision
Q3 revenue missed our expectations, but operating profit exceeded due to lower operating costs. 2024 guidance for revenue was raised to DKK21.1bn–21.7bn; for opex was narrowed downwards to DKK14.1bn–14.4bn (due to portfolio prioritisation); and for operating profit, narrowed to the high end of DKK6.2bn–7.1bn. Investor focus was on JNJ’s upcoming opt-in decision (data submission expected end-2024). We reiterate our BUY and DKK2,500 target price.
Genmab Announces Financial Results for the First Nine Months of 2024
Genmab Announces Financial Results for the First Nine Months of 2024 November 6, 2024 Copenhagen, Denmark; Interim Report for the First Nine Months Ended September 30, 2024 Highlights European Commission (EC) granted conditional marketing authorization for TEPKINLY® (epcoritamab) as a monotherapy for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapyGenmab announced that it will assume sole responsibility for the continued development and potential commercialization of acasunlimabGenmab revenue increased 29% com...
- ABGSC Healthcare Research
- Alexander Krämer
Genmab to Present at Jefferies London Healthcare Conference
Genmab to Present at Jefferies London Healthcare Conference Media ReleaseCOPENHAGEN, Denmark; November 5, 2024 (Nasdaq: GMAB) announced today that its Chief Executive Officer, Jan van de Winkel, Ph.D. and Chief Financial Officer, Anthony Pagano will take part in a fireside chat at the Jefferies London Healthcare Conference on November 19, 2024 at 4:30 PM CET / 10:30 AM EST. A webcast of the event will be available on Genmab’s website at . About Genmab Genmab is an international biotechnology company with a core purpose of guiding its unstoppable team to strive toward improving...
Genmab to Showcase Strength and Breadth of Comprehensive Epcoritamab-b...
Genmab to Showcase Strength and Breadth of Comprehensive Epcoritamab-bysp Development Program at 2024 American Society of Hematology (ASH) Annual Meeting Media ReleaseCOPENHAGEN, Denmark; November 5, 2024 More than 20 abstracts, including four oral presentations, with new clinical data across lines of therapy and subgroups of non-Hodgkin’s lymphoma (NHL) patientsNew and updated data from EPCORE® clinical trial program reinforce the potential of epcoritamab as a monotherapy and in combination to treat multiple B-cell malignancies across lines of therapy (Nasdaq: GMAB) announced today more...
- ABGSC Healthcare Research
- Alexander Krämer
- Oscar Haffen Lamm
Vicore Pharma: Time to execute on the phase 2b
Vicore Pharma reported its Q3'24 result with i) a cash position at SEK380.4m (excl. SEK882m capital increase), ii) EBIT SEK(60.1m), and iii) operating expenses at SEK61.3m. Moving into the Q4, the main priority will be to continue to activate clinical sites and enroll patients in the phase 2b ASPIR
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
Genmab Announces Net Sales of DARZALEX® (daratumumab) for Third Quarte...
Genmab Announces Net Sales of DARZALEX® (daratumumab) for Third Quarter of 2024 Company Announcement Net sales of DARZALEX® in the third quarter of 2024 totaled USD 3,016 millionGenmab receives royalties on worldwide net sales from Janssen Biotech, Inc. (Janssen) COPENHAGEN, Denmark; October 15, 2024 – (Nasdaq: GMAB) announced today that worldwide net trade sales of DARZALEX® (daratumumab), including sales of the subcutaneous (SC) product (daratumumab and hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO® in the U.S.), as reported by Johnson & Johnson were USD 3,016 millio...
- Oscar Haffen Lamm
Vicore Pharma: interesting play in the IPF space
On the back of its SEK882m capital increase and the start of a phase 2b trial with its lead asset buloxibutid in IPF, we take the opportunity to refresh our investment case on Vicore Pharma. Going into the phase 2b, we appreciate the diverse multi-modal MoA that buloxibutid presents which are relev
- Rune Majlund Dahl
Genmab (Buy, TP: DKK2500.00) - 2024 guidance likely to narrow
We forecast Q3 sales c1.5% above consensus, an operating profit margin of 31.8% (consensus 31.5%), and net profit c6.1% below consensus, hurt by a net financial loss. We expect Genmab to narrow its 2024 guidance for revenue of DKK20.7bn–21.7bn and operating profit of DKK5.1bn–6.4bn. We expect investor focus to be on HexaBody-CD38, and we view J&J’s opt-in decision as a clearing event. We reiterate our BUY but have lowered our target price to DKK2,500 (2,600).
- Jørgen Lian
Cool Company Minor model adjustments
We have slightly adjusted our estimates. We still believe the contracting of vessels set to come open remains key to solidifying the valuation. By fixing the available TFDE’s spot earnings days at USD60k/day and the second 2-stroke newbuild at USD90k/day until end-2026, we calculate an average DPS of NOK17 for 2025–2026e, which translates into a NOK170 share price at a 10% dividend yield. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have sli...
Major Shareholder Announcement
Major Shareholder Announcement Company Announcement Major shareholder announcement for Genmab A/S COPENHAGEN, Denmark; October 4, 2024 – (Nasdaq: GMAB) announces under reference to Section 30 of the Danish Capital Markets Act that Baillie Gifford & Co has informed us that, as of October 3, 2024, Baillie Gifford & Co held the voting rights to 3,301,530 shares in Genmab A/S, which amounts to 4.99% of the share capital and voting rights in Genmab A/S. About Genmab Genmab is an international biotechnology company with a core purpose of guiding its unstoppable team to strive toward improvi...
Grant of Restricted Stock Units and Warrants to Employees in Genmab
Grant of Restricted Stock Units and Warrants to Employees in Genmab Company Announcement COPENHAGEN, Denmark; September 26, 2024 – (Nasdaq: GMAB) announced today that the Board decided to grant 23,954 restricted stock units and 13,915 warrants to employees of the Company and the Company's subsidiaries. Each restricted stock unit is awarded cost-free and provides the owner with a conditional right to receive one share in Genmab A/S of nominally DKK 1. The fair value of each restricted stock unit is equal to the closing market price on the date of grant of one Genmab A/S share, DKK 1,597.5...
Vicore Pharma Holding AB: 1 director
A director at Vicore Pharma Holding AB maiden bought 42,500 shares at 7.030SEK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...
- Patrik Ling
Vicore Pharma (Buy, TP: SEK38.00) - Capital raise and phase IIb initia...
The company recently announced a rights issue of cSEK782m (before costs) and said the phase IIb trial ASPIRE had been initiated. We see a strong case in Vicore Pharma even though the capital raise and the CMC spend are larger than expected. That said, we note the company is not cutting corners when it comes to CMC. The terms and timelines have been announced and the dilution is larger than expected; hence, we have cut our target price SEK38 (70) but we reiterate our BUY.
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