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On Friday, Deutsche Bank (ETR:DBKGn)’s research division adjusted its price target on shares of Genmab (CSE:GMAB) A/S (GEN:DC) (NASDAQ:GMAB), reducing it to DKK17.50 from the previous DKK19.00. Despite this change, the firm maintained a Buy rating on the biotech company’s stock.
The adjustment came in the wake of Genmab’s first-quarter results, which were described as relatively uneventful. Emmanuel Papadakis, the analyst at Deutsche Bank, noted that the firm took this occasion to revise its financial model, accounting for the new reporting currency and other factors. Papadakis highlighted some positive developments, including the implications of competitor Columvi’s challenges and recent updates on Rina-S at the Society of Gynecologic Oncology (SGO) meeting.
Although the analyst recognized that Genmab’s products Epkinly and Rina-S may take longer to reach the market, even with the accelerated timelines for Epkinly in second-line follicular lymphoma (2L FL), he remarked on the necessity for additional value to emerge from Genmab’s pipeline to improve investor sentiment.
Papadakis commented on the current difficulty in identifying additional value drivers within Genmab’s pipeline. However, he expressed a positive outlook based on the company’s valuation, stating that Genmab is expected to generate free cash flow equivalent to its market capitalization by the end of the decade, which provides a supportive context for the stock.
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