Halozyme Therapeutics, Inc. (NASDAQ:HALO) announced that AbbVie has dosed the first subject in a clinical trial evaluating the safety and pharmacokinetics of adalimumab with Halozyme’s proprietary ENHANZE™ technology.

“We are pleased that the first product candidate with AbbVie has been advanced into clinical testing just seven months after forming our collaboration agreement,” said Dr. Helen Torley, president and chief executive officer. “The progress is encouraging as we seek to help an even broader population of patients with our ENHANZE platform.”

The initiation of clinical evaluation triggered a $5 million milestone payment to Halozyme under the  Collaboration and License Agreement between the companies. (Original Source)

Shares of Halozyme closed yesterday at $9.75. HALO has a 1-year high of $25.25 and a 1-year low of $8.27. The stock’s 50-day moving average is $15.23 and its 200-day moving average is $17.49.

On the ratings front, Halozyme has been the subject of a number of recent research reports. In a report released yesterday, UBS analyst Andrew Peters maintained a Buy rating on HALO, with a price target of $22, which implies an upside of 125.6% from current levels. Separately, on November 18, Citigroup’s Joel Beatty initiated coverage with a Buy rating on the stock and has a price target of $25.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Peters and Joel Beatty have a total average return of -21.9% and -16.2% respectively. Peters has a success rate of 24.1% and is ranked #3428 out of 3579 analysts, while Beatty has a success rate of 11.1% and is ranked #3067.

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