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Genmab: shares up after broker upgrade

(CercleFinance.com) - Shares of Danish biotech firm Genmab rose on Friday after Bank of America-Merrill Lynch upgraded the stock from "neutral" to "buy," saying the next leg of growth story beyond Darzalex is "in sight.

In a note to clients, BAML analysts cited increased sales for blood cancer drug daratumumab, higher-than-expected Arzerra sales in either oncology or multiple sclerosis and success in discovery and technology partnerships.

They have raised their target price from 1,400 Danish kronor to 1,700 Danish kronor.

Genmab shares are up 0.7% at 1,384 Danish kronor in early afternoon trading on Friday.

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