Berenberg resumed coverage of Halozyme with a Buy rating and $58 price target, implying 68% upside. Halozyme has licensed its ENHANZE drug delivery platform technology, which allows for the subcutaneous delivery of IV drugs, to large biopharma commercial partners and the firm calls out this platform as "the main high-growth revenue driver," with a potential conversion rate of greater than 80%. Positive FDA decisions expected in 2023 for two BLAs could also drive valuation and the firm would be buyers at this time with the current share price leaning toward the lower end of the 52-week range, the analyst added.
Published first on TheFly
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