MLV’s healthcare analyst Arlinda Lee weighed in today with his views on Halozyme Therapeutics, Inc. (NASDAQ:HALO), after the company announced interim findings from the ongoing phase 2 clinical study of its investigational new drug PEGPH20 for the potential treatment of patients with metastatic pancreatic cancer.
Lee noted, “While HALO previously indicated reduction of thromboembolic events (TE), the data showed equilibration of TE rate (42% PAG vs 25% AG to 13% vs 18%). In patients with high levels of Hyaluronan (HA), adding PEGPH20 to Abraxane + gemcitabine had longer overall survival (OS 12 vs 9 months, HR 0.62) and longer progression-free survival (PFS 9.2 vs 4.3 months, HR 0.39). While shifting patients previously characterized as HA high to HA low raises questions, we believe the 0.62 OS Hazard Ratio (HR) indicates clinical benefit. We view the ASCO data as directionally consistent, are cautiously optimistic PEGPH20 benefit can be shown in a pivotal trial.”
The analyst reiterated a Buy rating on Halozyme shares with a $20 price target, which represents a potential upside of 10% from where the stock is currently trading.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Arlinda Lee has a total average return of 2.9% and a 53.8% success rate. Lee has a 32.0% average return when recommending HALO, and is ranked #1571 out of 3610 analysts.