Genmab A/S advanced to a three-day high in Copenhagen trading as Danske Bank A/S said the company may get a “breakthrough” designation by the U.S. Food and Drug Administration for an experimental cancer drug.
Genmab rose as much as 2.4 percent, the most since Feb. 12. The stock advanced 2 percent to 99.45 kroner at 2:16 p.m. in the Danish capital, with trading volume at 53 percent of the three- month daily average. Shares in the Copenhagen-based drug developer rose more than any of the 20 companies in the OMX Copenhagen 20 benchmark index, which slid 0.1 percent.
Genmab’s daratumumab, a drug partnered with Johnson & Johnson for multiple myeloma, a type of cancer that starts in the plasma cells in bone marrow, is an “obvious candidate” to receive a breakthrough therapy designation by the FDA, Danske analyst Thomas Bowers said.
“We have been positively surprised by the efficacy that this antibody has demonstrated in myeloma,” Bowers said in a telephone interview. “Perhaps it can get on the market as a single agent. I think it ticks all the boxes to get the breakthrough designation from the FDA.”
Genmab spokeswoman Rachel Gravesen declined to say whether the company has applied for breakthrough status, when contacted by phone today.
Ibrutinib, an experimental therapy for blood cancers being developed by Pharmacyclics Inc., received the breakthrough status from the FDA two days ago, giving it a head-start on the road to approval.
Bowers said he’s keeping a buy recommendation on the Genmab shares and raised the 12-month price target by 20 kroner to 135 kroner per share. Five analysts recommend buying shares in Genmab, one is neutral and two recommend reducing stock holdings in the company.
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