J.P. Morgan upgrades Genmab on cancer drug growth potential

What happened: J.P. Morgan upgraded Genmab A/S to "overweight" from "neutral" and raised its price target to DKr3,500 from DKr2,050, citing expected positive November results from a late-stage trial of petosemtamab in head and neck cancer. Key numbers: Price target DKr3,500 from DKr2,050. Why it matters: The brokerage expects the trial data to support a larger share of the head and neck cancer market, and it raised peak sales forecasts across several drugs. It flagged risks including trial failure and faster competition in PROC and head and neck cancer.

J.P. Morgan upgraded Genmab A/S to "overweight" from "neutral" and raised its price target to DKr3,500 from DKr2,050, citing expected positive November results from a late-stage trial of petosemtamab in head and neck cancer.

The brokerage expects the trial data to support a larger share of the head and neck cancer market, and it raised peak sales forecasts across several drugs. It flagged risks including trial failure and faster competition in PROC and head and neck cancer.