GMAB - Genmab downgraded to neutral at Citi on foreign exchange business trends

• Citi has downgraded Genmab ( GMAB ) to neutral from buy citing foreign exchange rates and potential delays for two pipeline assets.
• The firm has a DKR3055 price target (~1% upside based on Tuesday's close on the Nasdaq Nordic).
• Analyst Peter Verdult said that a next phase go/no-go decision for GEN1042 and GEN1046 isn't expected until sometime in 2023. The two candidates are for, respectively, solid tumors and non-small cell lung cancer.
• However, Verdult still likes the long-term investment scenario for Genmab ( GMAB ) given the company's antibody generating platform, pipeline, and cash on hand.
• Read why Seeking Alpha contributor ONeil Trader views Genmab ( GMAB ) as a buy.

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