Jyske Bank cheers Genmab shares despite worries over deal with J&J

** Jyske Bank keeps "buy" rating for Genmab GMAB.CO, even though it notes uncertainty over Danish drug maker's partnership with Johnson & Johnson JNJ.N has weighed on its shares

** The clarification of the partnership, which concerns the Hexabody-CD38 cancer drug, could come as soon as this week, the broker says

** "Our feeling is that the market is predominantly leaning towards the deal not going through," says Jyske Bank, adding it bases this on the price movement over the past year

** Jyske Bank notes that the outcome of the decision is "very difficult to call," but assesses the market has partially priced in the negative outcome

** The broker also notes that at the current share price level new investors will get the entire pipeline for free

** But Jyske Bank says Genmab can put the uncertainty behind after the announcement and focus on overcoming the Darzalex patent expiration in 2030, when other products will become important

** Jyske Bank therefore sees less downside risk than upside potential