** Jyske Bank keeps "buy" rating for Genmab GMAB.CO, even though it notes uncertainty over Danish drug maker's partnership with Johnson & Johnson JNJ.N has weighed on its shares
** The clarification of the partnership, which concerns the Hexabody-CD38 cancer drug, could come as soon as this week, the broker says
** "Our feeling is that the market is predominantly leaning towards the deal not going through," says Jyske Bank, adding it bases this on the price movement over the past year
** Jyske Bank notes that the outcome of the decision is "very difficult to call," but assesses the market has partially priced in the negative outcome
** The broker also notes that at the current share price level new investors will get the entire pipeline for free
** But Jyske Bank says Genmab can put the uncertainty behind after the announcement and focus on overcoming the Darzalex patent expiration in 2030, when other products will become important
** Jyske Bank therefore sees less downside risk than upside potential
(Reporting by Vera Dvorakova)
((vera.dvorakova@thomsonreuters.com))
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