Analyst Mitchell Kapoor of H.C. Wainwright reiterated a Buy rating on Halozyme, boosting the price target to $90.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors that enhance Halozyme’s strategic positioning and financial outlook. The integration of Elektrofi’s Hypercon technology into Halozyme’s platform is a significant development, transforming a potential competitor into a complementary asset. This addition is expected to create a second royalty growth engine with durability extending into the 2040s, thereby strengthening Halozyme’s leadership in the drug delivery space.
Furthermore, the financial adjustments following the Elektrofi deal, including a $750 million upfront payment and anticipated milestone inflows, have led to an increased price target for Halozyme’s stock. The Hypercon technology is projected to generate mid-single-digit royalties from blockbuster partners starting in 2030, expanding the total addressable market into areas like neurology and immunology. These strategic moves are expected to accelerate new partnerships and enhance Halozyme’s growth trajectory, justifying the Buy rating.
In another report released yesterday, Citizens JMP also reiterated a Buy rating on the stock with a $91.00 price target.