MedWatch

Analyst: Genmab trading will be neutral despite strong growth

The Danish biotech company announced a guidance upgrade after local trading closed Monday, but this had been anticipated by the market and therefore won’t impact its stock price much, says analyst.

Photo: Tuala Hjarnø / Genmab / PR

Although Genmab announced a guidance upgrade on Monday after closing time in Denmark, where the biotech firm is listed, trading of the company’s shares will lean on the general market development, according to Søren Løntoft Hansen, a senior equity analyst at Sydbank.

The guidance upgrade was driven by sales growth of cancer drug Darzalex, which is Genmab’s primary source of revenue, as well as a currency boost from a strong US dollar.

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