Genmab: Solid Royalties and Strategic Deals, But 2026 Data Risks Justify Maintaining a Hold at $32 Target

In a report released yesterday, Yaron Werber from TD Cowen maintained a Hold rating on Genmab, with a price target of $32.00.

Yaron Werber has given his Hold rating due to a combination of factors related to Genmab’s current execution and outlook. He notes that fourth-quarter revenue was ahead of expectations, primarily on the strength of Darzalex and Kesimpta royalties, though Epkinly sales were weaker, and that fiscal 2026 revenue guidance came in somewhat below consensus, even as operating income remains roughly in line while funding three late‑stage programs.

Werber highlights that 2026 could be a pivotal year, with three major Phase 3 readouts (Epkinly in first-line DLBCL, petosemtamab in head and neck cancer, and Rina‑S in platinum‑resistant ovarian cancer) that could materially reshape Genmab’s growth profile, yet introduces meaningful execution and data risk. He views the Merus acquisition and the petosemtamab and Rina‑S deals as strategically attractive despite near‑term dilution, but with the stock already reflecting much of the anticipated upside and guidance appearing only modestly supportive, he maintains a neutral stance and leaves his $32 price target unchanged.

According to TipRanks, Werber is a 5-star analyst with an average return of 24.8% and a 60.48% success rate. Werber covers the Healthcare sector, focusing on stocks such as Ultragenyx Pharmaceutical, Amgen, and Ascendis Pharma.

In another report released today, Morgan Stanley also maintained a Hold rating on the stock with a $34.00 price target.