Benchmark raised the firm’s price target on Halozyme (HALO) to $90 from $75 and keeps a Buy rating on the shares. The FDA has approved Merck’s (MRK) subcutaneous Keytruda Qlex, a large oncology drug that includes berahyaluronidase alpha-pmph, an enzyme licensed from Korean firm Alteogen that competes with Halozyme’s Enhanze enzyme, the analyst noted. The pending launch of SubQ Keytruda is expected to bring to a head the ongoing patent litigation between Halozyme and Merck, the analyst added.
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