phive2015
BMO has upgraded Genmab (GMAB) to outperform, stating that it was “incrementally more confident” in the company’s ability to diversify its business longer term from its reliance on Johnson & Johnson (JNJ) revenues for Darzalex.
The investment bank said it values GMAB ex-pipeline at $43, “which still represents a significant upside to shares." It added that the company's pipeline has “two shots on goal” with acasunlimab and GEN3014, both of which are expected to have updates this year.
BMO raised its price target for the stock to $48 from $46.