Bank of America Corp DE Cuts Stake in Genmab A/S Sponsored ADR $GMAB

Key Points

• Bank of America cut its Genmab stake by 28.9% in the first quarter, selling 98,397 shares and retaining 241,520 shares valued at approximately $6.48 million.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $39.50, compared with the stock’s reported price of $33.75.
• Genmab exceeded quarterly expectations, reporting $0.54 in EPS versus the $0.37 estimate and revenue of $1.16 billion versus the $1.12 billion consensus.

Bank of America Corp DE cut its stake in Genmab A/S Sponsored ADR (NASDAQ:GMAB - Free Report) by 28.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 241,520 shares of the company's stock after selling 98,397 shares during the quarter. Bank of America Corp DE's holdings in Genmab A/S were worth $6,480,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. CIBC Private Wealth Group LLC raised its holdings in Genmab A/S by 291.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 827 shares of the company's stock valued at $25,000 after acquiring an additional 616 shares during the last quarter. Osaic Holdings Inc. boosted its stake in Genmab A/S by 37.8% during the second quarter. Osaic Holdings Inc. now owns 1,603 shares of the company's stock worth $33,000 after buying an additional 440 shares during the period. V Square Quantitative Management LLC acquired a new stake in Genmab A/S in the 1st quarter valued at approximately $34,000. NewEdge Advisors LLC grew its stake in shares of Genmab A/S by 1,229.0% in the third quarter. NewEdge Advisors LLC now owns 1,236 shares of the company's stock valued at $38,000 after buying an additional 1,143 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in Genmab A/S by 143.4% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,324 shares of the company's stock valued at $41,000 after acquiring an additional 780 shares in the last quarter. Hedge funds and other institutional investors own 7.07% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Weiss Ratings upgraded shares of Genmab A/S from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Truist Financial started coverage on Genmab A/S in a report on Wednesday, May 27th. They issued a "buy" rating and a $40.00 target price for the company. HC Wainwright boosted their target price on Genmab A/S from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Guggenheim increased their price objective on shares of Genmab A/S from $40.00 to $42.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Finally, New Street Research set a $43.00 target price on Genmab A/S in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $39.50.

Genmab A/S Trading Down 1.8%

NASDAQ GMAB opened at $33.75 on Thursday. The company has a quick ratio of 2.44, a current ratio of 2.46 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $21.04 billion, a P/E ratio of 26.58, a P/E/G ratio of 2.04 and a beta of 0.83. Genmab A/S Sponsored ADR has a 52-week low of $23.62 and a 52-week high of $35.43. The firm has a 50-day moving average price of $29.35 and a 200 day moving average price of $27.96.

Genmab A/S (NASDAQ:GMAB - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.17. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.12 billion. Genmab A/S had a return on equity of 14.89% and a net margin of 19.08%. Equities research analysts expect that Genmab A/S Sponsored ADR will post 1.17 EPS for the current year.

Genmab A/S Company Profile

Genmab A/S is a Denmark-based biotechnology company specializing in the discovery and development of antibody therapeutics for the treatment of cancer. Since its founding in 1999 and with headquarters in Copenhagen, Genmab has built a robust research platform focused on harnessing novel antibody engineering technologies to create next-generation therapies. The company's work centers on identifying targets in hematologic malignancies and solid tumors, advancing its proprietary molecules from early discovery through clinical development.

Genmab's portfolio includes products developed in collaboration with leading global pharmaceutical partners.

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