Leerink Partners raises Genmab stock price target to $32 from $29

On Tuesday, analysts at Leerink Partners raised the price target for Genmab (CSE:GMAB) A/S stock (NASDAQ: NASDAQ:GMAB) to $32 from the previous $29, maintaining an Outperform rating. According to InvestingPro data, analyst targets for GMAB range from $20 to $45, with the company maintaining a "GREAT" financial health score. This adjustment follows the company’s disclosure of updated Rina-S data in second-line and endometrial cancer treatments at the American Society of Clinical Oncology (ASCO) Annual Meeting.

The updated data for Rina-S is considered impressive and supports the company’s plan to initiate a Phase III trial later this year. With a robust gross profit margin of 95% and strong revenue growth of 25% over the last twelve months, Analysts at Leerink Partners view this development as a positive step for Genmab’s future prospects in treating endometrial cancer.

Genmab’s announcement at the ASCO Annual Meeting highlighted the potential of Rina-S in addressing unmet needs in the treatment of endometrial cancer. The company aims to advance its clinical trials to further explore the efficacy of this treatment.

The decision to raise the price target reflects the analysts’ confidence in Genmab’s strategic direction and the promising results of the Rina-S data. The Outperform rating indicates an expectation of strong performance relative to the market.

In other recent news, Genmab has reported new data for its cancer drug Rina-S, which is being tested in endometrial cancer trials. The data shows a 50% objective response rate (ORR) for the lower dose of 100 mg/m2, compared to a 38% ORR for the higher dose. This information follows promising results in ovarian cancer trials and has led to plans for further phase III trials in various cancer types. RBC analysts have noted the strong ORR of Rina-S compared to competitors. Additionally, Genmab has updated its share buyback program, continuing efforts to repurchase shares as part of its capital management strategy. In another development, RBC Capital Markets lowered its price target for Genmab from DKK2,300 to DKK2,000 due to foreign exchange impacts but maintained an Outperform rating. Deutsche Bank (ETR:DBKGn) also adjusted its price target to DKK17.50 while keeping a Buy rating, citing recent updates on Rina-S as a positive development. Lastly, Genmab announced a capital increase due to employee warrant exercises, a routine financial activity impacting the company’s share structure.

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