'Santa rally' hopes shatter on S&P 500 selloff
Bulls' hopes for a year-end rally in the S&P 500 were already on shaky ground following continued trade war noise surrounding the Huawei CFO arrest, but Friday's sell-off has likely put them to rest.
Head of Equity Strategy, Saxo Bank Group
Europe’s largest biotechnology company Genmab is down 20% today after opening 25% lower as one of its key studies on cancer treatments is stopped. This is obviously a big blow to their efforts in the combo trials (mixing drugs for cancer treatments) and investors were hoping for a blockbuster potential in this study.
The stock has a neutral rating in our proprietary Equity Radar model with value being the worst contributor (expensive stock). We have just rerun the model and today’s decline is pushing up the value, yield and reversal factors, so our model is now signalling a positive stance on the stock.
Genmab share price. Chart source: Bloomberg