Halozyme Therapeutics, Inc. (NASDAQ:HALO) announced that the first healthy subject has been dosed in a Phase 1 clinical trial evaluating the safety, tolerability and pharmacokinetics of a subcutaneous formulation of rivipansel, a compound discovered by GlycoMimetics, Inc. and being developed by Pfizer Inc., using Halozyme’s ENHANZE™ formulation.

“The advancement of the first product candidate under our Pfizer collaboration represents further progress and validates the potential of our ENHANZE platform,” said Dr. Helen Torley, Halozyme’s president and chief executive officer. “The growing number of products co-formulated with ENHANZE that are entering the clinic or already marketed represent, I believe, just the beginning of the potential that exists to help an even broader population of partners and patients.”

The initiation of dosing triggered a $1 million milestone payment to Halozyme under the License and Collaboration Agreement between Halozyme and Pfizer that was entered into in 2012. Rivipansel is an investigational compound under evaluation by Pfizer as an intravenous formulation in a Phase 3 study for the treatment of individuals hospitalized with vaso-occlusive crisis of sickle cell disease.

Halozyme’s ENHANZE technology is based on a proprietary recombinant human enzyme (rHuPH20) that targets hyaluronan, a glycosaminoglycan, which is a chain of natural sugars throughout the body and component of the extracellular matrix, to aid in the dispersion and absorption of other injected therapeutic drugs. (Original Source)

Shares of Halozyme Therapeutics closed yesterday at $14.92. HALO has a 1-year high of $25.25 and a 1-year low of $7.51. The stock’s 50-day moving average is $15.49 and its 200-day moving average is $18.36.

On the ratings front, Halozyme Therapeutics has been the subject of a number of recent research reports. In a report issued on September 15, Piper Jaffray analyst Charles Duncan reiterated a Buy rating on HALO, with a price target of $24, which represents a potential upside of 60.9% from where the stock is currently trading. Separately, on August 11, JMP’s Jason Butler maintained a Buy rating on the stock and has a price target of $22.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Charles Duncan and Jason Butler have a total average return of 9.6% and 48.8% respectively. Duncan has a success rate of 44.4% and is ranked #637 out of 3808 analysts, while Butler has a success rate of 59.1% and is ranked #108.

Halozyme Therapeutics Inc is a biopharmaceutical company. It is engaged in research on human enzymes that alter the extracellular matrix and tumor environment.