Genmab pipeline hype makes investment bank uneasy

The expectations for Genmab's pipeline are too high, says Germany-based investment bank Berenberg Bank, which has changed its share recommendation as it cannot justify the current pricing.

Photo: Lars Møller / Genmab / PR

Although Genmab has been called a "superstar" and "one of the best European biotech companies," Berenberg Bank has changed its recommendation to "sell", with a target price of DKK 2,200 (USD 334).

In a notice, the bank recognizes that sales of Genmab's cancer drug Darzalex are expected to reach top sales of USD 12bn.

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