Genmab Shares Surge 16% on Positive Cancer Trial Data
Genmab A/S shares rose 16% after reporting positive clinical trial results for several cancer treatments and receiving a financial upgrade from JPMorgan.
Shares of Genmab A/S surged 16% on Wednesday, increasing the company's market value to approximately $31.4 billion. The rally followed the release of positive clinical trial data for multiple oncology treatments and a financial upgrade from JPMorgan.
Clinical results showed that Rina-S, an antibody-drug conjugate targeting platinum-resistant ovarian cancer, reduced the risk of death by 57%. Mid-stage data for petosemtamab in metastatic colorectal cancer demonstrated response rates as high as 75%. Additionally, the company reported improved progression-free survival for Epkinly in patients with newly diagnosed diffuse large B-cell lymphoma.
JPMorgan upgraded the company to overweight and doubled its peak sales forecast for petosemtamab to $5 billion, citing expectations for positive head and neck cancer trial results due in November. These developments indicate the successful integration of assets acquired from Merus and ProfoundBio, helping the company reduce its financial reliance on royalties from Johnson & Johnson's Darzalex.
