Genmab (GMAB – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Kaveri Pohlman from BTIG remains neutral on the stock and has a $46.00 price target.
Kaveri Pohlman of BTIG has given a Buy rating to Genmab (GMAB) based on several factors. First among these is the company’s strong financial performance in the third quarter of 2023, which saw remarkable growth in revenue in comparison to the previous quarter. This was largely driven by an increase in royalties and net sales, with royalties reporting a 10% quarter-on-quarter increase. The company also saw significant growth in Darzalex, Kesimpta, and other royalties, which increased by 8%, 34%, and 22% respectively. Genmab has also raised its revenue guidance for 2023, expecting it to fall within the DKK 15,900-16,500 range, up from the previous guidance of DKK 15,500-16,500, due to projected higher royalties and net product sales.
Pohlman also considers Genmab’s strategic moves as a positive factor. The company has attributed a strong increase in Epkinly sales to solid execution, focusing on key accounts and customers, and its alliance with Abbvie. In addition, Genmab has received conditional marketing authorization in Europe and approval in Japan for Epkinly. Looking ahead, the company plans to present multiple data readouts and provide timeline updates from ongoing trials for Epkinly during the R&D Day on December 12. Equally noteworthy, Genmab has been expanding GEN1046’s development opportunity in NSCLC and endometrial cancer, based on promising clinical and preclinical data. Genmab is also working on determining the right dosing schedule for GEN1042, with updates on this program expected in the coming months. These strategic moves, coupled with strong financial performance, are the key reasons behind Pohlman’s Buy rating for Genmab.
In another report released on October 26, H.C. Wainwright also reiterated a Buy rating on the stock with a $51.00 price target.
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Genmab (GMAB) Company Description:
Genmab A/S is an international biotech company. It is specialized in creating and developing differentiated antibody therapeutics for the treatment of cancer. The company currently markets DARZALEX monoclonal antibody for the treatment of patients with multiple myeloma and Arzerra monoclonal antibody for the treatment of chronic lymphocytic leukemia.
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