MLV Maintains Buy Rating On Halozyme Therapeutics Following In-Line 4Q Results


In a research report issued today, MLV analyst Arlinda Lee maintained a Buy rating on Halozyme Therapeutics, Inc. (NASDAQ:HALO) with a $20 price target, after the company reported fourth-quarter results, which were in-line with expectations.

Lee noted, “While we do not currently include valuation for the Janssen collaboration in our model, we note Genmab confirmed plans to initiate a Phase 1 trial of a subcutanous formulation of anti-CD38 antibody daratumumab using HALO’s Enhanze technology in mid-2015. With continued interest in Enhanze, we expect new collaborations could materialize though we also do not include these in our valuation. Importantly, the wholly owned PEGPH20 program continues to progress in the clinic with multiple additional trials planned.”

“Our $20 PT is based on a probability-adjusted sum-of-the-parts analysis: PEGPH20 $9/share ($7 pancreatic + $2 NSCLC), $2/share other wholly owned products ($2 Hylenex and $0.2 Ultrafast Insulin), and products from collaboration with Roche $6/share, Pfizer $0.3/share, and Baxter $2/share.”

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 7.4% and a 59.4% success rate. Lee has a 26.5% average return when recommending HALO, and is ranked #1150 out of 3497 analysts.

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