Handelsbanken believes the market's reaction is exaggerated to the fact that Danish pharmaceutical company Genmab's cancer drug Epkinly did not clearly improve survival rates in a phase 3 study. This was stated in a comment on Monday. The company's American depositary receipts fell by 4.7 percent on Friday.

In early trading today on the Copenhagen Stock Exchange, the share dropped over 5 percent, amid generally weak markets following President Trump's latest tariff announcement.

Handelsbanken writes that Genmab remains one of its favorite Nordic stocks, highlighting that the larger and commercially more significant study later this year will be far more decisive for the stock's direction.

“A large part of the stock's value is already based on proven revenues from partnership collaborations and on our valuation of Epkinly. If three key events turn out well during the year — strong study results for Epkinly in an earlier line of treatment, positive data for the cancer drug Rina-S, and progress in two ongoing studies in head and neck cancer — there is a good chance for a significant increase in the share price,” writes SHB, reiterating its buy recommendation.