Jefferies cuts Genmab's PT by 23% on uncertain development pipeline
** Jefferies cuts PT on Genmab GMAB.CO ("hold") by 23% to DKK 1,650, citing uncertainty of the success in cancer drug studies by the Danish biotech group and its partners
** "At present we lack sufficient confidence in what the next pipeline blockbuster asset could be," says Jefferies
** It cites lack of visibility in the study on HexaBody-CD38, or "next gen Darzalex", conducted by Genmab's partner Johnson & Johnson JNJ.N
** BioNTech 22UAy.DE opting out from the development of acasunlimab further undermines the belief in this drug and Genmab's profits, it adds
** Jefferies says Genmab's valuation could be compelling depending on the market situation, but warns of challenges to royalties from Darzalex
** Out of 26 analysts that cover Genmab, 16 rate it "strong buy" or "buy", eight "hold", and two "strong sell" or "sell" - LSEG
Reporting by Vera Dvorakova
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