Wolfe Research Initiates Genmab with Outperform Rating and $32 Price Target

Wolfe Research has initiated coverage on biotech firm Genmab (GMAB) with an Outperform rating and a price target of $32. The research firm views the recent weakness in the stock price as a compelling "buy the dip" opportunity for long-term investors. While Genmab faces a significant loss of exclusivity in 2029, analysts expect its robust pipeline to fully replenish sales by 2031. The initiation highlights key clinical catalysts expected in 2026 as major drivers for future valuation growth. Wolfe Research's bullish stance suggests that the long-term potential of the company's drug pipeline outweighs immediate patent concerns. This positive outlook provides a potential catalyst for the stock as it navigates a transitional period in its product lifecycle.