Halozyme Therapeutics (HALO) PT Cut to $15 at Piper Jaffray

Piper Jaffray analyst Charles Duncan lowered his price target on Halozyme Therapeutics (NASDAQ: HALO) to $15.00 (from $20.00) following Q3 results but retained an Overweight rating.

Duncan commented, "Halozyme reported 3Q earnings yesterday, ending the quarter with $135M, which we view as still potentially sufficient to profitability depending on the ramp of the Roche programs. The major news, in our view, is that the FDA is likely to require additional clinical data for the insulin pump program for the label revision. Halozyme had intended to retain ownership of this part of the Hylenex program, however, it now intends to partner or "seek other strategic alternatives." That said, the PEGPH20 program appears to be progressing well, we have adjusted our model and valuation (described more below) resulting in a new $15 price target (from $20) and reiterate our Overweight rating based on our outlook for the partnered programs and PEGPH20 in oncology."

The firm lowered FY 2014 EPS from ($0.62) to ($0.61).

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 $9.32 yesterday.

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