Morgan Stanley analyst Vikram Purohit lowered the firm’s price target on Halozyme (HALO) to $59 from $61 and keeps an Overweight rating on the shares after updating the firm’s model following the recent trial failures for subcutaneous efgartigimod in pemphigus and ITP. The key change is the removal of the prior contribution that had been modeled for subcutaneous efgartigimod in pemphigus vulgaris, or PV, after Argenx (ARGX) recently announced that the Phase 3 ADDRESS study did not meet its primary and secondary endpoints and as a result development in pemphigus will be discontinued.
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