MARKET TALK: Jefferies Upgrades Genmab To Buy

20th Jul 2010 08:14

0714 GMT [Dow Jones] Jefferies upgrades Genmab (GEN.KO) to buy from hold, and lifts its target price to DKK100 from DKK75, as the removal of the funding overhang and multiple potential catalysts should drive the stock from currently depressed levels and improve broadly negative investor sentiment. Notes the successfully renegotiated GlaxoSmithKline (GSK) Arzerra deal is accretive to valuation, and should easily ensure sufficient funding until '13-'14 breakeven. Sees upside from a manufacturing facility sale, revived HuMax-EGFr interest, the broad early-stage pipeline, and Arzerra sales ramp. Shares +4.9% at DKK60.65. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 20, 2010 03:14 ET (07:14 GMT)