Commercial RiskRisks include commercial risk with ENHANZE, particularly in the multiple myeloma indication, which is dynamic and rapidly evolving.
CompetitionIf a competitor such as Alteogen or XERS announces major new business for its version of hyaluronidase, it would be a negative for investor perception.
ValuationWith HALO stock blowing past even our updated, higher valuation, the case for further upside relative to other stocks in our coverage is challenging.