Jefferies Downgrades Halozyme Therapeutics (HALO) to Hold

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Jefferies downgraded Halozyme Therapeutics (NASDAQ: HALO) from Buy to Hold with a price target of $10.00.

The firm comments, "Ahead of partnered products approval/launch (utilizing HALO's rHuPH20 technology), we assess commercial potential of SC Herceptin (EU oncologist survey), HyQvia (U.S. experts discussion), and SC MabThera (EU oncologists discussions). On likely slow market uptake/challenges, we downgrade HALO to Hold, particularly as we view ~5% royalty on sales to HALO unlikely to provide further upside from current valuation."

Jefferies cut FY12 EPS from ($0.53) to ($0.57) and FY13 EPS from ($0.32) to ($0.51).

For an analyst ratings summary and ratings history on Halozyme Therapeutics click here. For more ratings news on Halozyme Therapeutics click here.

Shares of Halozyme Therapeutics closed at $12.15 yesterday, with a 52 week range of $5.54-$13.50.

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