Analyst Robert Wasserman of Benchmark Co. reiterated a Buy rating on Halozyme, boosting the price target to $90.00.
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Robert Wasserman has given his Buy rating due to a combination of factors that highlight Halozyme’s strong financial performance and strategic positioning. The company has exceeded previous financial targets, prompting an increase in the price target to $90, driven by robust earnings and optimistic future guidance. The recent FDA approval of Merck’s Keytruda Qlex, which involves a competing enzyme to Halozyme’s Enhanze, is anticipated to escalate ongoing patent litigation, yet it underscores the significance of Halozyme’s technology in the market.
Furthermore, Halozyme has achieved multiple growth catalysts for its partnered products, including new approvals and indications, with more potential catalysts expected in 2025. The company is also actively pursuing new partnerships and expanded agreements, which could enhance revenue streams and mitigate investor concerns regarding its patent portfolio. These strategic initiatives, coupled with promising late-stage clinical trials, suggest continued growth in royalty revenues, supporting the Buy rating.
In another report released on September 22, H.C. Wainwright also reiterated a Buy rating on the stock with a $85.00 price target.