It’s been a breakout week for Danish biotech Genmab A/S.

Positive late-stage trial updates on two potential cancer drugs have sent the shares soaring to record levels, adding the equivalent of more than $10 billion in market value and leaving analysts scrambling to boost their price targets.

The 44% weekly advance is the steepest since 2008 and extends the stock’s year-to-date gain to almost 90%.

For Genmab, founded in Copenhagen in 1999 and listed there the following year, the trial results boosted confidence that the firm has found new engines for growth beyond its blockbuster blood cancer drug. Investors entered the quarter waiting for three major clinical updates and all have now delivered positive outcomes.

“Biotechs tend to have this curse that if you develop one really good drug and you make a lot of money from it, finding the next innovation can be challenging,” said Jefferies analyst Benjamin Jackson. “Genmab is one of those few cases where you can start to say: this has happened.”Genmab’s success underscores Denmark’s role as a European pharmaceutical powerhouse, with life sciences accounting for roughly a fifth of the country’s goods exports. Novo Nordisk A/S’s blockbuster obesity drugs have driven much of the sector’s recent growth, but its struggle to keep pace with Eli Lilly & Co. has now shifted some of the investor spotlight to its smaller Danish peer.

A stellar week for Genmab began after European markets closed on Friday when the company said the experimental treatment known as Rina-S cut the risk of disease progression or death by 71% in a group of patients with a form of ovarian cancer. Just days later, the company said trial results showed petosemtamab, a drug in testing for head and neck cancer, lowered the chance of death by 50%.

With royalties from Genmab’s blood cancer drug Darzalex expected to decline toward the end of the decade, the firm needs to find new sources of growth. And as it owns commercial rights to petosemtamab, it stands to reap more of the potential upside than it would through royalties.

“You have had three assets that aren’t just royalty bearing, which are actually commercial assets that they will aim to launch and progress themselves,” Jackson said.

Analysts have been quick to reflect potential future gains. Van Lanschot Kempen this week raised its price target to 4,900 Danish kroner, the highest among analysts tracked by Bloomberg. That implies almost 30% of additional upside from current levels.

“Petosemtamab is now firmly on track to become a multi-billion franchise,” said Kempen’s team led by Romy O’Connor, adding that the treatment is on track to become the next standard of care.

JPMorgan Chase & Co. analysts see peak sales potential of about $5 billion for petosemtamab, with $3.5 billion of that coming from head and neck cancer and the rest from the colorectal form of the disease, according to an Oct. 27 note.

Still, the speed of the rally is making some analysts cautious. Both Jyske Bank and AL Sydbank downgraded the stock on Thursday, with Sydbank analyst Søren Løntoft Hansen saying the shares are about to enter a quieter period as investors wait for proof that the new drugs can deliver commercially.

Cutting the stock to sell after the recent gains, Jyske Bank’s Henrik Hallengreen Laustsen said he sees thinner news flow ahead, although he acknowledged that the recent trial results “significantly reduce the risk in the pipeline and strengthen the growth profile after Darzalex.”