H.C. Wainwright Reiterates Buy Rating on Halozyme Therapeutics (HALO)

H.C. Wainwright analyst Mitchell Kapoor reiterated a Buy rating and $130.00 price target on Halozyme Therapeutics (NASDAQ: HALO).

The analyst commented: "FDA approval of Tecentriq Hybreza in Stage 3 dMMR colon cancer adds a 12-month adjuvant royalty opportunity for HALO. On October 8, the FDA announced approval of Roche's Tecentriq (atezolizumab) and ENHANZE-enabled Tecentriq Hybreza (atezolizumab and hyaluronidase) in combo with fluoropyrimidine and oxaliplatin chemo for patients with Stage 3 mismatch repair-deficient (dMMR) colon cancer (see FDA announcement). The decision establishes the first approved adjuvant immunotherapy regimen for this population, with Phase 3 ATOMIC (n=712) demonstrating 36-month disease-free survival (DFS) of 86.3% vs. 76.2% for chemo alone (HR 0.50; p<0.001), a 10-point absolute benefit reported in the NEJM. We estimate ~2,750 newly diagnosed U.S. patients annually have Stage 3 dMMR colon cancer, based on the American Cancer Society's ~109,000 annual colon cancer diagnoses, Roche's estimate that ~25% present at Stage 3, and 10.1% dMMR prevalence among 2,501 Stage 3 patients in a pooled analysis published in JAMA Oncology. The approval is incrementally positive for HALO's expanding royalty base, although the relatively small addressable population limits its potential contribution vs. larger ENHANZE franchises. We reiterate our Buy rating and 12-month price target of $130 per share."

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 $111.08 yesterday.

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