Halozyme Therapeutics, Inc. (NASDAQ:HALO), an oncology biotech developing novel oncology and drug-delivery therapies, today named biotech veteran Mark J. Gergen as senior vice president and chief operating officer, reporting to Dr. Helen Torley, president and chief executive officer.
Gergen will be responsible for corporate development, including the management of Halozyme’s proprietary ENHANZE™ platform collaborations and overseeing the global product teams responsible for planning the development and commercialization of Halozyme’s oncology pipeline, including clinical operations and clinical collaborations.
“Mark brings a wealth of business development and operational experience that will be essential as we execute our plan to accelerate growth of the ENHANZE platform and develop and commercialize multiple oncology drugs,” said Dr. Torley. “With more than 20 years of healthcare and biotech experience, he will be a strong addition to our management team as we execute our growth strategy.”
Gergen joins Halozyme most recently from Mirati Therapeutics, an oncology biotech, where he was executive vice president and chief operating officer reporting to the CEO and responsible for the strategy, corporate development, finance, investor relations, human resources, information technology and legal functions. He executed multiple successful partnerships, collaborations and licensing agreements.
Before Mirati, he spent 7 years at Amylin Pharmaceuticals as a member of the executive committee reporting to the CEO, where he led corporate development and alliances.
“I am excited to join the Halozyme team as the company continues to execute against its business objectives and corporate strategy,” said Gergen. “The advancements in the oncology pipeline together with the opportunity to grow the proprietary ENHANZE platform create a unique opportunity to build significant shareholder value.”
Prior to Amylin, Gergen held senior management roles for Cardionet and Advanced Tissue Sciences, as well as the large group purchasing organization, Premier, and medical device pioneer, Medtronic. He earned his B.A. in Business Administration from Minot State University in North Dakota and J.D. from the University of Minnesota Law School. (Original Source)
Shares of Halozyme closed yesterday at $9.80, down $0.08 or -0.81%. HALO has a 1-year high of $19.63 and a 1-year low of $6.96. The stock’s 50-day moving average is $9.76 and its 200-day moving average is $9.52.
On the ratings front, Halozyme has been the subject of a number of recent research reports. In a report issued on August 10, Barclays analyst Jonathan Eckard reiterated a Buy rating on HALO, with a price target of $16, which implies an upside of 63.3% from current levels. Separately, on the same day, Canaccord Genuity’s Arlinda Lee reiterated a Buy rating on the stock and has a price target of $11.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Eckard and Arlinda Lee have a total average return of -5.7% and -18.0% respectively. Eckard has a success rate of 29% and is ranked #3643 out of 4129 analysts, while Lee has a success rate of 29% and is ranked #4005.
The street is mostly Bullish on HALO stock. Out of 4 analysts who cover the stock, 4 suggest a Buy rating . The 12-month average price target assigned to the stock is $20.00, which implies an upside of 104.1% from current levels.
Halozyme Therapeutics, Inc. is a biopharmaceutical company, which focuses on developing and commercializing novel oncology therapies that target the tumor microenvironment. Its investigational drug PEGPH20, applies a unique approach to targeting solid tumors, allowing increased access of co-administered cancer drug therapies to the tumor. PEGPH20 is currently in development for metastatic pancreatic cancer and non-small cell lung cancer and has potential across additional cancers in combination with different types of cancer therapies.