STOCKS NEWS EUROPE-Genmab falls after interim study results

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11:18GMT 06Jan2009-Genmab falls after interim study results

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Shares in Danish biotech firm Genmab (GEN.CO) fall 7 percent after the company says that an interim survival analysis of a Phase III study of its drug candidate zalutumumab in head and neck cancer patients had failed to meet criteria for early stoppage.

"If the results from the data had been highly significant, they could have stopped the study now and started looking for a partner. Many in the market had expected that, and the disappointment means the share should be hit today," says Jyske Bank analyst Frank Andersen.

PiperJaffray says in a research note the outcome has delayed a critical catalyst for Genmab's share price. Piper cuts its price target to 362 crowns from 373 crowns previously, but maintains its "buy" rating on Genmab's shares.

Jyske expects final data to be presented at the end of this year and that the Danish firm can start to look for a strategic partner for the drug next year at the earliest.

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