In a report released today, Charles Duncan from Cantor Fitzgerald reiterated a Buy rating on Halozyme (HALO), with a price target of $24. The company’s shares closed yesterday at $16.61.
Duncan wrote:
“. We reiterate our OW rating and $24 PT on HALO. Halozyme reported 4Q18 revenues of $60.2M, which were slightly above our and FactSet consensus estimates. Halozyme ended 4Q18 with cash of ~$355M, and we model current cash and projected ENHANZE royalties to fund HALO through several proprietary pipeline milestones, including the PEGPH20 P3 in pancreatic cancer and earlier studies that are under way. YoY growth for ENHANZE royalty revenues (ex “one time” upfront and milestone pymts) was 24%.”
According to TipRanks.com, Duncan is a 2-star analyst with an average return of 0.4% and a 46.0% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.
Currently, the analyst consensus on Halozyme is a Strong Buy with an average price target of $20.67.
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Based on Halozyme’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $27.85 million. In comparison, last year the company had a net profit of $124 million.
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Halozyme Therapeutics, Inc. is a biopharmaceutical company specializes in research, development, and commercialization of human enzymes and other drug candidates. It focuses on novel oncology therapies that target the tumor microenvironment. Its products include PEGPH20, HTI-1511, PEG-ADA2, and HYLENEX recombinant.
