Halozyme downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Halozyme to Equal Weight from Overweight with a price target of $62, up from $58. The firm sees limited upside after year-to-date outperformance. Further, Wells notes that Street accounts for new launches and new Vyvgart royalty arrangement likely worsens 2027/2029 royalty stepdown issue.