The share price of Genmab is down more than 5 percent on Friday after a preview of trial data from a study with a drug under development i collaboration with Biontech for the treatment of a lung cancer variant, was released on Thursday evening.

More details from the trial will be presented next weekend at the ASCO cancer conference in Seattle.

A preliminary lack of wow effect in the data and concerns about possible side effects are probably the reason, according to Jyske Bank analyst Henrik Hallengreen Laustsen, as the data apparently fails to impress the financial market - at least not initially. 

According to Henrik Hallengreen Laustsen, Genmab had expressed some optimism about the development program in connection with financial presentations, which may have given rise to extra high expectations. 

”The data will be presented at ASCO on June 1, but yesterday we received the abstracts, i.e. the main conclusions of the data that had been submitted. When we look at them, it’s fine without being spectacular.”

”In addition, I can see that some of my colleagues in the industry are also taking note of the safety profile, which has previously been a theme for this product. Genmab writes that the safety profile is well-tolerated and reasonable, but there are some who emphasize that there is some liver tox, which can cause some speculation about the safety profile,” says Henrik Hallengreen Laustsen. 

”We saw it as neutral to slightly negative news, and a price drop of a few percent was perhaps more accurate. I think it’s the safety concerns that are decisive, and that we didn’t get this wow effect, which - I think - is more in line with expectations. But I think 5 percent is an overreaction,” says Henrik Hallengreen Laustsen. 

At Sydbank, analyst Søren Løntoft Hansen is very much in line with this assessment. 

”I think it’s actually ok data, but I can also understand that there is uncertainty about whether the data is good enough,” says Søren Løntoft Hansen. 

He points out that there are not many patients in the published abstract and that there is obviously a cut-off date for how much data could be included. 

”When these data are presented in early June, it will be with data with a different cut-off date. So you will probably be able to see newer and perhaps better data from this study,” says Søren Løntoft Hansen. 

He describes the price drop as ”a bit harsh” in light of what he believes the drug should represent in Genmab’s overall valuation.