Why Genmab Stock Smashed It on Monday
On a generally upbeat Monday for the stock market, investors weren't only buying into U.S. companies. Quite a few of them also piled into the American Depositary Receipts (ADRs) of Danish biotech (NASDAQ: GMAB), on the back of encouraging news from the laboratory. Management's disclosure of the status of a shareholder-pleasing initiative also helped boost sentiment.
The price of those ADRs rose by almost 4% as a result -- quite a distance higher than the S 500's (SNPINDEX: ^GSPC) 0.4% advance.
On Monday morning, Genmab announced a set of phase 1/2 clinical trial results for its rinatabart sesutecan (Rina-S) drug, which it's developing for a type of uterine cancer. The company said the drug showed a confirmed objective response rate of 50% in patients with an advanced form of the cancer who had received treatment with other medications.
Source Fool.com
