Leerink Partners Upgrades Halozyme Therapeutics (HALO) to Market Perform

Leerink Partners analyst David Risinger upgraded Halozyme Therapeutics (NASDAQ: HALO) from Underperform to Market Perform with a price target of $70.00.

The analyst comments "We are upgrading HALO stock from Underperform to Market Perform and maintaining our PT of $70. The driver of our upgrade was that HALO issued a new slide deck and provided an estimate that only 20% of its ENHANZE partnered product global sales will be generated from Medicare Part B, which is less than we had feared. See paragraphs below for more details on Part B exposure. In addition, HALO quantified the cost savings and value of subcutaneous products relative to branded IV product spending. We caveat that a key uncertainty in 2029+ for Opdivo and other products that face IV biosimilar competition is to what degree payers shift volume to ultra low-cost biosimilar IV products despite their inferiority to SC formulations."

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 $65.33 yesterday.

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