BMO Capital analyst Jim Birchenough reiterated an Outperform rating and boosted his price target on Halozyme Therapeutics (NASDAQ: HALO) to $26.00 (from $24.00) following Q4 results.

Birchenough commented, "We are reiterating our Outperform rating on the shares of HALO following review of 4Q14 progress. Following strong launch of HERCEPTIN SC, we expect similarly strong MABTHERA SC launch in Europe, with commercial validation likely to attract more lucrative deals with biological manufacturers looking for line-extension strategies. We continue to view PEGPH20 as a potential backbone adjunct across cancer therapies and as the most significant driver of future value and see limited value attached to the program despite strong phase 2 response rate data."

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Shares of Halozyme Therapeutics closed at $15.22 yesterday.