June 11 (Bloomberg) -- Genmab A/S, the Danish company developing cancer drugs, fell the most in 14 months in Copenhagen trading after an investor offered to sell a 5.5 percent stake at a price below yesterday’s close.
Genmab dropped as much as 14 percent, the most since April 2012. The stock declined 11 percent to 194.90 kroner at 12:26 p.m. in the Danish capital, with trading volume at 377 percent of the three-month daily average.
Genmab shares have jumped more than 150 percent this year as investors bet Arzerra, a treatment developed with GlaxoSmithKline Plc and daratumumab, a drug made with Johnson & Johnson, will boost profits at the Copenhagen-based company. Morgan Stanley is arranging a sale of 2.8 million Genmab shares for an unidentified investor, offering the stock at 200 kroner to 205 kroner a piece, according to term sheets obtained by Bloomberg News.
Meditor Capital Management Ltd. has sold its entire stake in the Danish company, Genmab said today in a regulatory filing. Genmab said in September 2010 that Meditor had bought a 5.69 percent stake.
Analysts have in the past year more than doubled their price estimates on the Genmab share, according to data compiled by Bloomberg. The average 12-month target rose to 200.50 kroner this week, the highest since August 2009.
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