Genmab: Morgan Stanley downgrades to 'equal weight'

(CercleFinance.com) - Genmab shares are taking a hit this Tuesday after the Danish biotech company's shares were downgraded by Morgan Stanley analysts to "equal weight" from "overweight".


The broker said its recommendation is based on the stock's current valuation, as it believes that the opportunity represented by blood cancer drug Darzalex royalties, along with the potential for future revenues from key assets, is now fairly reflected in the company's valuation.

Morgan Stanley also noted that risk-reward has become "more balanced" following a series of positive pipeline results.

The Copenhagen-listed shares were down over 1% after this downgrade.

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