Genmab Announces Initiation Of Share Buy-Back Program Of Up To 190,000 Shares; Will Start On February 15, 2024, And End On March 15, 2024
Portfolio Pulse from Benzinga Newsdesk
Genmab A/S (NASDAQ:GMAB) has announced the initiation of a share buy-back program to repurchase up to 190,000 shares from February 15, 2024, to March 15, 2024. The program aims to honor commitments under the Restricted Stock Unit program. Danske Bank will act as the lead manager, making trading decisions independently of Genmab. The buy-back will adhere to the Safe Harbour Regulation, with purchases not exceeding 25% of the average daily trading volume on Nasdaq Copenhagen over the preceding 20 trading days. As of February 14, 2024, Genmab holds 735,891 treasury shares, representing 1.11% of the share capital.
February 14, 2024 | 4:42 pm
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Genmab A/S announces a share buy-back program to repurchase up to 190,000 shares, aiming to honor commitments under the Restricted Stock Unit program.
Share buy-back programs often lead to a positive short-term impact on the stock price as they reduce the number of shares available in the market, potentially increasing the earnings per share (EPS). Given the size of the buy-back relative to the total shares and the commitment to honor the Restricted Stock Unit program, this move by Genmab could be viewed positively by investors. The involvement of Danske Bank as an independent lead manager could also add credibility to the execution of the buy-back program.
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