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On Thursday, RBC Capital Markets adjusted its price target for Genmab (CSE:GMAB) A/S (GEN:DC) (NASDAQ:GMAB), a biotechnology company, from DKK2,300 to DKK2,000. The firm maintained its Outperform rating on the stock despite the reduction. Alistair Campbell, an analyst at RBC Capital, noted that the revision was primarily due to the impact of foreign exchange rate changes on royalty income, which is expected to decrease in Danish krone (DKK) terms.
The updated model from RBC Capital follows Genmab’s first-quarter results, which showed minimal underlying changes to the company’s performance. However, the altered USD-DKK exchange rate has led to a projected decrease in revenue by mid-single digits and a more pronounced fall in EBITDA forecasts by high single digits.
Despite the downward adjustment in the price target, Campbell highlighted that the new target still implies over 40% potential upside for Genmab shares. The analyst’s outlook for the company’s performance hinges on the progress of its key assets, such as Epkinly, Rina-S, and acasunlimab.
Investors are particularly looking forward to upcoming developments, including the initial data for Rina-S in treating endometrial cancer. This data is scheduled to be presented at the American Society of Clinical Oncology (ASCO) meeting on June 2, 2025. The anticipation of these results could play a significant role in influencing the company’s stock performance in the near term.
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