STOCKS NEWS EUROPE-Genmab sags as Jyske downgrades

Shares in Genmab (GEN.CO) fall 8.7 percent, the leading losers in Denmark's top-20 index and trailing European biopharma peers, after Jyske Bank downgrades the stock to "sell" from "accumulate".

"Many banks and brokerages have downgraded Genmab recently," says Ole Jensen, head of equities at Sydbank. "Sentiment (around the stock) is poor."

Jyske in a research note attributes the downgrade to disappointing phase-III trial data for Genmab's zalutumumab antibody for the treatment of head and neck cancer, lower revenue from cancer drug Arzerra jointly developed with pharma major GlaxoSmithKline (GSK.L), uncertainty about the sales price for Genmab's U.S. manufacturing plant and expectations of a capital increase.

"We expect a considerably lower share price," Jyske Bank says, referring to a 12-month horizon.

Genmab falls as much as 12.4 percent, hitting its lowest level since November 2004.

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