UPDATE: UBS Upgrades Halozyme Therapeutics (HALO) to Buy

(Updated - June 12, 2014 9:08 AM EDT)

UBS upgraded Halozyme Therapeutics (NASDAQ: HALO) from Neutral to Buy with a price target of $16 (from $14).

Analyst Andrew Peters said, "Key points: [1] At current levels, we believe the HALO partnered programs provide relatively lower-risk valuation support, with 3 products already approved. The Roche partnership is the most advanced, although both Baxter and Pfizer also contribute to our valuation. [2] With lead program PEGPH20 recently removed from clinical hold we are more bullish on the long-term potential and see increased optionality and a compelling rationale for targeting HA in pancreatic cancer. [3] We view both Hylenex in diabetes and PEGPH20 as high-risk programs, but believe each offer asymmetric risk/reward despite heavy risk-adjustment in our model. Notably, while PEGPH20 largely reflects clinical risk, Hylenex faces both regulatory and commercial uncertainty. [4] The Herceptin-SC launch appears to be tracking well and we expect should provide near-term support on strong uptake."

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 $9.48 yesterday.

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