Goldman Sachs Resumes Halozyme Therapeutics (HALO) at Neutral

Goldman Sachs analyst Corinne Jenkins resumes coverage on Halozyme Therapeutics (NASDAQ: HALO) with a Neutral rating and a price target of $55.00.

The analyst comments "GS view: We do not purport to have a differentiated view of how CMS will respond to and incorporate public comments on this topic, and see multiple possible outcomes for the final guidance in the fall. However, we think that there is a non-zero chance that the final draft is not clarifying on this topic, or even that it will spell out in greater detail that Enhanze coformulations will be included with the base drug for the purposes of negotiation. Either way, we expect HALO shares to be range-bound until there is greater clarity, which may extend beyond the fall time frame. As we consider the range of outcomes, we see -6% downside to the net present value of modeled royalty revenues under a worst-case scenario (Enhanze formulations are negotiated with the partner product) but note potential for a greater impact to the business model if life-cycle management via SC formulation becomes a less attractive option for future potential partners."

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 $56.58 yesterday.

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