Genmab Plunges as Investor Sells 5.5% Stake: Copenhagen Mover
Genmab A/S (GEN), the Danish company developing cancer drugs, fell the most in seven weeks 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 10 percent, the most since April 19. The stock declined 9.4 percent to 198.30 kroner at 10:31 a.m. in the Danish capital, with trading volume at 197 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 currently 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.
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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