Why is Genmab stock surging today?

Genmab stock surged 13.2% to reach DKK 2,992 after the Danish biotechnology company unveiled updated Phase 2 trial results for petosemtamab, its investigational bispecific antibody targeting EGFR and LGR5, in combination with chemotherapy for patients with metastatic colorectal cancer.

The data, drawn from 79 patients treated as of May 15, 2026, showed confirmed and unconfirmed objective response rates of 75% in first-line and 67% in second-line patients. The findings were presented at the European Society for Medical Oncology Congress 2026, held in Madrid, Spain.

Among first-line patients with left-sided tumors, the response rate reached 81%, while patients with liver metastases — a poor prognostic factor — achieved rates of 76% in the first-line group and 67% in the second-line group, with disease control rates of 95% and 93%, respectively.

Compounding the enthusiasm around petosemtamab, Genmab and Incyte announced today a Phase 1/2 clinical trial collaboration to evaluate Incyte’s investigational KRAS G12D inhibitor INCB161734 combined with petosemtamab and standard-of-care chemotherapy in first-line KRAS G12D-mutated metastatic colorectal cancer.

On the analyst front, JPMorgan raised its price target on Genmab by 70% and upgraded its recommendation to "Overweight," while the broader analyst community maintains a "Moderate Buy" consensus with thirteen brokerages covering the stock, nine of which carry buy ratings and one a strong buy, with an average 12-month price target of $43.39.

Today’s move also reflects a broader pipeline re-rating that has been building over recent weeks. On October 23, Genmab announced that Rina-S demonstrated statistically significant and clinically meaningful improvements in both progression-free and overall survival in patients with platinum-resistant ovarian cancer.

Additionally, Genmab and AbbVie reported that the Phase 3 EPCORE DLBCL-2 trial of epcoritamab combined with R-CHOP delivered a statistically significant improvement in progression-free survival in newly diagnosed diffuse large B-cell lymphoma patients.

The broader market offered only a tepid backdrop, with the S&P 500 up 0.3% and the Nasdaq edging 0.2% higher, confirming that Genmab’s sharp rally was almost entirely company-specific.

The convergence of transformative clinical data across multiple indications, a high-profile new research partnership, and a major analyst re-rating created a powerful, multi-layered catalyst for today’s move.

Genmab has noted that the petosemtamab data support its ongoing global Phase 3 trials in colorectal cancer, which are currently enrolling patients, and the company has an investor update scheduled for October 28 — keeping near-term momentum firmly in focus.