Deutsche Bank Starts Halozyme Therapeutics (HALO) at Buy
- Wall St. edges higher, supported by banks, telecoms
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Deutsche Bank initiated coverage on Halozyme Therapeutics (NASDAQ: HALO) with a Buy rating and a price target of $12. Analyst Andrew Peters noted favorable upside skew.
Peters explained, "While the largely de-risked ENHANZE platform provides a reasonable valuation floor on HALO shares only modestly below current levels, we look to the Stage-2 data from the ongoing ph2 Study 202 of lead asset PEGPH20 in pancreatic cancer as a true binary event for the stock. While we understand bearish concerns about trial design and potential limited interpretability, we believe, however, that given current sentiment on the program, even positive trends confirming the HA-high hypothesis should drive upside to the stock. Further, despite our overall view that every read-out seen so far has been supportive of a strong drug effect, we remain quite cautious as well in our modeling. Despite our conservatism, however, we see a highly favorable risk/reward at current levels and believe the current market outlook is overly cautious on the late-stage program, especially in the context of the ENHAZE royalty business."
Shares of Halozyme Therapeutics closed at $8.32 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- Mizuho Securities Raises Price Target on Noble Midstream Partners LP (NBLX) to $37
- FBR Capital Raises Price Target on Matador Resources (MTDR) Following Announced Offerings
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesDeutsche Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!