Genmab shares hit 3-year high after blood cancer drug trial results
Genmab and AbbVie said on Monday their blood cancer drug combination cut risk of progression and death in late-stage study by 51% compared with R-CHOP alone, analysts at Jefferies called "impressive" and beating expectations of around 40%.
Genmab shares rose around 8% to their highest level in three years, topping the STOXX 600 index. Genmab and AbbVie said on Monday that their blood cancer drug combination reduced the risk of disease progression or death in a late-stage study. The companies said the combination cut the risk of disease progression or death in newly diagnosed patients versus R-CHOP alone by 51%. Analysts at Jefferies called the data "impressive" and said it "comfortably clears the bar for success," beating investor expectations of around 40%.
TD Cowen said the data establishes the combination as a potential new standard of care, with peak potential of over $3 billion.