Danish bank Jyske bank has cut Genmab’s share price target by 4 percent, going from DKK 2975 (USD 453.5) to DKK 2850 (USD 434.4). The bank retains its recommendation ”buy” despite the company’s recent dip on the exchange, according to an analysis prior to the company’s financial report, which will be publicized on February 16.
”Fears of increasing rates have hit the Genmab stock hard in 2022, which is down by 13 percent. We regard this as a clear opportunity to buy, as the dip is purely related to the market – small fluctuations in the market sentiment (less interest rate focus) will benefit the Genmab stock,” writes Senior Analyst, Equity Research at Jyske Bank Henrik Hallengreen Laustsen.
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In 2015, Genmab partnered with relatively unknown biotech firm Biontech. Reflecting on how far Genmab has come since, CEO Jan van de Winkel is still confident that partnerships, rather than acquisitions, are the way forward. If it had acquired Biontech at the time, the CEO speculates Genmab may have put a stop to other activities – including the Covid-19 vaccine efforts that went on to save millions of lives. This and fairness are worth remembering as biotech firms are increasingly strapped for cash, van de Winkel reflects.