Halozyme initiated with an Outperform at TD Cowen

TD Cowen initiated coverage of Halozyme with an Outperform rating and $54 price target. The company’s “well-validated” Enhanze technology is the “gold standard” in subcutaneous drug development, the analyst tells investors in a research note. The firm says Halozyme’s expansive partnership portfolio is driving rapid growth from seven commercial drugs and provides an underappreciated pipeline that should more than compensate for legacy franchise erosion. It sees “multiple high-profile catalysts” doubling Halozyme’s double revenue by fiscal 2028.