COPENHAGEN (Reuters) - Danish biotech Genmab, which has seen its shares rocket 163 percent this year, is set for further gains as new research data showed increased potential for its Darzalex blood cancer treatment, analysts said on Wednesday.
Patients using the drug had an overall survival rate of 90 percent and a 72 percent progression free survival rate after 18 months, data presented by the company on Tuesday, at the 2016 American Society of Hematology in Florida showed.
Analysts from brokerages Nordea Markets and Jyske Bank both said the outcome of the study was impressive.
“We believe the results will pave the way for a longer use in maintenance and increased penetration. Therefore we increase our daratumumab (Darzalex) peak sales forecast in multiple myeloma to 40 billion Danish crowns from 35 billion crowns and raise our target price to 1,100 crowns (1,025),” Jyske Bank said in a note to clients.
Genmab’s shares traded at 950 Danish crowns at 7.38 a.m ET, a rise of 1.2 percent for the day.
Darzalex, made in cooperation with America’s Janssen, a unit of conglomerate Johnson & Johnson, was approved by the U.S. Food and Drug Administration last month.
Chief Executive Jan van de Winkel described the FDA approval as the single biggest moment in Genmab’s history, and the shares rose by more than 12 percent on the day.
The stock, which was listed in 2000, hit an all-time low in 2011 of just 27 Danish crowns.
Reporting by Annabella Pultz Nielsen, editing by Terje Solsvik