Why is Genmab stock surging today?

J.P. Morgan upgraded Genmab to 'overweight' and raised its price target to DKr3,500, citing expected positive results from a late-stage trial of its cancer drug petosemtamab. The brokerage anticipates a response rate of at least 40% in head and neck cancer patients, raising its peak sales forecast to $5 billion. It also increased sales forecasts for other drugs, Rina-S and Epkinly, and adjusted its revenue and earnings per share estimates.

JPMorgan upgraded Genmab (GMAB) to Overweight, raising its price target to DKK3,500. The move follows a 68% stock surge and ahead of a key Phase III trial readout. JPMorgan expects a positive outcome and raised peak sales forecasts for peto to $5B. Genmab reported 25% revenue growth in H1 and exceeded earnings estimates.

Genmab A/S reported updated Phase 2 trial data for petosemtamab plus pembrolizumab in recurrent/metastatic head and neck squamous cell carcinoma. The combination achieved a median overall survival of 28.2 months, an overall response rate of 63%, and a median progression-free survival of 9.0 months. The findings were presented at the ESMO Congress 2026. The company is also conducting four Phase 3 trials for petosemtamab in various cancer types.

Genmab (GMAB) presented positive Phase 2 data for petosemtamab in head and neck cancer, showing 28.2-month median survival and 63% response rate. It also reported promising results in metastatic colorectal cancer. Genmab partnered with Incyte (INCY) for a Phase 1/2 trial. GMAB shares rose 1.56% to $44.93, a 52-week high.

Genmab's rinatabart sesutecan (Rina-S) showed a 71% reduction in disease progression or death and a 57% reduction in death risk in a Phase 3 ovarian cancer trial, exceeding expectations. Analysts predict it could challenge AbbVie's Elahere. Genmab's stock rose over 8%. The company plans regulatory discussions and potential 2027 U.S. launch.

Genmab (GMAB) reported that Potesemtamab combined with Pembrolizumab showed 28.2-month median survival in a Phase 2 study for head and neck cancer. The trial met key efficacy endpoints, with a 63% response rate and manageable safety profile. Results support an ongoing Phase 3 trial, with data expected this year. GMAB stock rose 9.48% on October 23, 2026.