Genmab initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Genmab (GMAB) with an Overweight rating and $40 price target The firm believes the company’s upcoming Epkinly and petosemtamab readouts are “largely de-risked” based on the Phase 2 data. In addition, Genmab shares at current levels do not reflect petosemtamab’s potential beyond head and neck cancer, the analyst tells investors in a research note. Wells sees 2026 as a “inflection year” for Genmab with multiple catalysts.