MARKET TALK: UBS Lifts Genmab Target Price

8th Jul 2010 09:41

0841 GMT [Dow Jones] UBS lifts Genmab (GEN.KO) target price to DKK60 from DKK44, after removing the 25% refinancing risk discount introduced earlier. Says Genmab appears to have no intention of restructuring further despite GlaxoSmithKline (GSK) taking on more of the Arzerra drug development work and Zalutumumab drug trials completed. Adds that taking into account the revised licensing agreement between Genmab and GSK, bank values Arzerra as a separate project and values it at DKK67 a share. Reiterates sell rating, "seeing no major near-term catalyst". Shares +2.2% at DKK63.80. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 08, 2010 04:41 ET (08:41 GMT)