Genmab Shares Fall Most Since March 2010 After Updating Guidance
Genmab A/S fell the most since March 2010 in Copenhagen trading after the company updated its financial forecasts to reflect a lower value of a manufacturing facility that had been expected to be sold this year.
The shares declined 7.4 percent to 29 kroner as of 9:13 a.m. The stock dropped as much as 19 percent, the biggest intraday slide since March 8, 2010.
“The execution of a sale of the manufacturing facility is still one of our top priorities, but due to worsening market conditions we have decided to reduce the fair value of teh facility and move an anticipated sale into next year,” the Danish biotechnology company said in a statement released after the close of Copenhagen trading yesterday.
Genmab will host a conference call today at 3 p.m. Copenhagen time to discuss financial results for the first nine months of the year.
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