STOCKS NEWS EUROPE-Genmab slips; Credit Suisse downgrades

Shares in Danish biotech company Genmab (GEN.CO) fall 9.4 percent, lagging European peers and the top losers by far in Copenhagen's top-20 index , after Credit Suisse downgrades the stock to "underperform" from "neutral".

Credit Suisse cites "reduced peak sales estimates" for Genmab's lead asset, leukaemia drug Arzerra developed jointly with pharma major GlaxoSmithKline (GSK.L).

Credit Suisse also slashes its target price for Genmab to 57 Danish crowns from 152 crowns, citing its revised earnings estimate translating into a 68 percent increase in Genmab's 2009 loss per share, mainly due to a missed milestone payment from Glaxo.

"Our modelling assumptions do not foresee profitability within our modelling horizon & assume cash need in 2014," Credit Suisse says in a note.

The MSCI European pharma, biotech and life sciences index .MIEU0PB00PEU is down 0.9 percent. For more double click on [ID:nL5519065] [ID:nLR340449]

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