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Q&A med Genmab A/S, 26 Februar Kl. 14:30 Læs mere her
      

Genmab: Kursmål og anbefalinger fra analytikerne


79830 Marthine/PI-Redaktør 4/12 2019 15:33
Oversigt

HSBC 910 reducér
Berenberg 1000 hold
Handelsbanken 1100 akkumuler
Goldman Sachs 1160 neutral
SEB 1200 hold
Nordea 1298 FV Hold
UBS 1340 neutral
Bloomberg 1395
ABG Sundal Collier 1430 køb
Morningstar 1480 sælg
Citi 1500 buy
Bryan Garnier 1500 køb
JP Morgan 1500 overvægt
RBC Capital Markets 1529 outperform
AlphaValue 1529 sælg
Deutsche 1540 Køb
Bernstein 1550 outperform
SparNord 1550
Jyske 1575 hold
Carnegie 1587 køb
Barclays 1600 overvægt
DNB 1630 køb
Danske Bank 1650 køb
H.C. Wainwright 1692 køb
Bofa-Merrill 1700 køb
Kempen 1700 køb
Økonomisk ugebrev 1787
Guggenheim 1832 køb
Jefferies 1850 køb
Morgan Stanley 2025 køb

Kilde: Skribenten Bulder.

Excel, GEN.CO




4/12 2019 15:51 nsrafk 279831



Simpelt excelark for at skabe bedre overblik
xlsxGenmab.xlsx



4/12 2019 19:32 Helge Larsen/PI-redaktør 279850



GENMAB: SEB løfter kursen fra 1200 til 1535.

https://penge.borsen.dk/artikel/1/392345/seb_loefter_..



4/12 2019 20:57 tommycarstensen 279861



Tak for oversigt :-) Er alle kursmaalene fra i aar?

HSBC for eksempel fra marts:
https://penge.borsen.dk/artikel/1/377789/hsbc_loefter..

Jeg interesserer mig personligt ikke saa meget for kursmaal, men jeg kan godt lide at laese begrundelserne for diverse kursmaal. Her for eksempel Morningstar:

https://www.morningstar.com/stocks/xcse/gmab/quote

We are upgrading Copenhagen-based Genmab to a narrow economic moat after reconsidering the intangible assets associated with its lead drug, Darzalex (partnered with Johnson & Johnson). We're also increasing our fair value estimate to DKK 1,480 per share due to higher expectations for Darzalex and a longer period of excess profits, in line with our new narrow moat rating.

Our valuation is largely driven by our expectations for Darzalex in multiple myeloma and, to a lesser extent, our expectations for ofatumumab in multiple sclerosis, tisotumab vedotin in cervical cancer, and teprotumumab in thyroid eye disease. We think Darzalex will be a mainstay treatment in multiple myeloma due to its notable efficacy and safety profile. By 2028, we model over $9 billion in Darzalex sales, which corresponds to about DKK 11 billion in royalties to Genmab, up from about $2 billion in 2018 sales and DKK 1.6 billion in 2018 royalties.

The rest of Genmab's portfolio contributes modestly to our valuation, with revenue outside of Darzalex making up about 21% of total sales by 2028. Pipeline success from early-stage assets, which we don't yet model, could provide upside from our valuation. We think that Darzalex's commercial success will provide Genmab with ample resources to develop its pipeline of antibodies and bispecifics in cancer in the long term.

Our narrow moat rating hinges on Darzalex's position in the multiple myeloma market, which we think is well protected from competition. Aside from patent protection against generic entry, we think Darzalex sets a high bar for competitor therapies on both efficacy and safety. Further, given Darzalex's success in combination treatments so far, we think it's likely that emerging therapies are also used in combination with Darzalex, making them complementary assets rather than head-to-head competitors. By the end of our 10-year forecast, we assume Darzalex has about 40% dollar share of the multiple myeloma market.



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