Many investors, and at least a few analysts, continued to be positive on the biotech following its just-announced acquisition.
It’s buying peer Merus in a deal pegged at $8 billion.
Before the market open on the last trading day of the week, two analysts tracking Genmab (NASDAQ: GMAB) stock felt compelled to raise their price targets on the biotech. This double-barreled blast of bullishness pushed the company’s shares more than 4% higher that trading session, easily beating the essentially stagnant S&P 500 (SNPINDEX: ^GSPC).
Not surprisingly, both lifts were based largely on Genmab’s latest acquisition. On Tuesday, the company announced it struck a deal to acquire Dutch peer Merus in a purchase valued at $8 billion.
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The more dramatic raise came from H.C. Wainwright’s Raghuram Selvaraju, whose new fair-value assessment on Genmab is $40 per share (up from $36). Selvaraju maintained his buy recommendation when making the change.
According to reports, the analyst expressed particular optimism about petosemtamab, the investigational cancer drug Genmab is effectively acquiring in the deal. He pointed out the solid performance of the medication in its clinical trials, noting that it is in the latter stages of its developmental life.
Meanwhile, for the second time this week, Truist Securities pundit Asthika Goonewardene weighed in with a bullish Genmab update. He raised his price target to $49 per share from the preceding $46 for similar reasons, according to reports. He also highlighted the fact that we shouldn’t have to wait long for a new petosemtamab readout; the next one might be disseminated as early as next year.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Genmab A/s and Truist Financial. The Motley Fool has a disclosure policy.
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