Genmab falls after J&J Hexabody opt-out

Shares in Genmab GMAB.CO fall 5.4% after Johnson & Johnson JNJ.N opted out of further clinical development of the Hexabody-CD38 cancer drug on Monday

Van Lanschot Kempen says that Hexabody did not differentiate enough from Darzalex, the company's flagship drug, and neither Genmab nor J&J will take the project forward

While Kempen says "the shares are now free to perform" without this overhang, Jyske Bank does not expect a quick rebound but rather a slow regain of market confidence

Kempen expects continued earnings momentum and growing appreciation for another cancer drug Epkinly as a major growth driver

Genmab says J&J opt-out does not impact its 2025 guidance