Piper Sandler analyst Joseph Catanzaro last night downgraded Halozyme Therapeutics to Neutral from Overweight with a price target of $51, up from $48. While the issuance of a new patent and the European Union Darzalex royalty stepping back up to its full rate through March 2029 was a “pleasant surprise,” the shares have run into the new price target, the analyst tells investors in a research note. The firm thinks its current estimates largely reflect the near-term outlook for the Enhanze business. Moving forward, Piper does think there’s future room in the model around the wave 3 products, saying there’s much to be determined. Wave 3 feels like a 2025 story before they become meaningful contributors, says the firm.
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