Wall Street Analysts Just Trimmed Price Targets for These 5 Stocks

02. Halozyme Therapeutics, Inc. (NASDAQ:HALO)

Price Reaction after the Price Target Cut: -1.11 (-3.08%)

On January 18, HC Wainwright took significant steps to reassess the valuation of Halozyme Therapeutics, Inc. (NASDAQ:HALO), a key player in the biopharmaceutical industry. The financial firm lowered the price objective on Halozyme Therapeutics, Inc. (NASDAQ:HALO) from $61.00 to $48.00 while affirming a “buy” rating for the company. Following this adjustment, the closing bell on January 18 witnessed a substantial negative price reaction, with Halozyme Therapeutics, Inc. (NASDAQ:HALO) experiencing a decline of 3.08%. In the case of Halozyme Therapeutics, Inc. (NASDAQ:HALO), stakeholders may scrutinize how the company navigates challenges in the biopharmaceutical market, progresses with clinical developments, and strategically positions itself to understand the broader impact of the revised price objective.

Artisan Small Cap Fund made the following comment about Halozyme Therapeutics, Inc. (NASDAQ:HALO) in its second quarter 2023 investor letter:

“Halozyme Therapeutics, Inc. (NASDAQ:HALO) is a biotechnology firm with a unique technology platform that allows for the conversion of biologics and small molecule drugs administered intravenously into a subcutaneous formulation. This technology is licensed to pharmaceutical companies, which allows them to optimize their valuable therapies and Halozyme to generate predictable and durable royalties. In Q2, partner Johnson and Johnson announced the denial of a co-formulation patent for subcutaneous Darzalex in Europe. While this unfavorable news continued to impact Halozyme’s share price, we anticipate several value-generating catalysts in the second half. The first catalyst is FDA approval of Argenx’s VYVGART Hytrulo. This approval also benefits Halozyme as it is the subcutaneous enabler. The approval is due shortly after the quarter ends. We also expect clinical data for three more indications by year end, which will further expand the commercial opportunities for VYVGART and VYVGART Hytrulo. In addition, we are excited about the potential partnership opportunity with Argenx to develop Halozyme’s autoinjector. VYVGART’s potential as a multibillion-dollar drug, coupled with the dependence on Halozyme’s subcutaneous formulation platform and autoinjector pens, presents an important growth opportunity for Halozyme.”