Genmab: shares jump after Berenberg upgrade
(CercleFinance.com) - Shares in Danish biotechnology company Genmab jumped on Tuesday after Berenberg upgraded its rating on the stock to "buy".
In a note to clients, Berenberg pointed out that Genmab's shares have fallen significantly after the market realised that Darzalex sales expectations had become excessive.
"While they have partly recovered, we believe the pullback presents a buying opportunity now that Darzalex expectations for 2018 are realistic and in line with company guidance," the German broker said.
Berenberg - which sees "progress in the pipeline ahead" - also raised its target price for the stock, to 1,500 Danish kronor per share, representing 20% upside.
Shares of Genmab are currently up 3.2% at 1,281.5 Danish kronor on Copenhagen's OMXC25 index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In a note to clients, Berenberg pointed out that Genmab's shares have fallen significantly after the market realised that Darzalex sales expectations had become excessive.
"While they have partly recovered, we believe the pullback presents a buying opportunity now that Darzalex expectations for 2018 are realistic and in line with company guidance," the German broker said.
Berenberg - which sees "progress in the pipeline ahead" - also raised its target price for the stock, to 1,500 Danish kronor per share, representing 20% upside.
Shares of Genmab are currently up 3.2% at 1,281.5 Danish kronor on Copenhagen's OMXC25 index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.