GENMAB: SHARES FALL AFTER BROKER DOWNGRADE24/10/2018
Genmab shares are tumbling 3.7% to 833.6 Danish kronor on Wednesday, after Berenberg downgraded its recommendation on the Danish biotech firm, citing disappointing sales of the myeloma drug Darzalex.
The German broker has cut its rating on the stock from 'buy' to 'hold,' having cut its corresponding target price from 1,400 Danish kronor to 1,000 Danish kronor.
In a note sent to clients, Berenberg said third-quarter sales of Darzalex from Genmab's partner Janssen recently missed consensus expectations by 13%.
The broker pointed out that Genmab receives royalties on Darzalex, which last year represented around 45% of the company's revenues.
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