Benchmark analyst Robert Wasserman reiterated a Buy rating and $90.00 price target on Halozyme Therapeutics (NASDAQ: HALO).

The analyst commented, "Halozyme announced this morning a licensing agreement with Incyte Pharmaceuticals (INCY, Not Rated) using HALO's Enhanze drug development technology to develop subcutaneous formulations of Incyte's INCA033989, a monoclonal antibody, in patients with mutCALR-expressing myeloproliferative neoplasms (MPNs). The financial terms of the agreement were not disclosed, except to relate that HALO will receive an upfront payment from Incyte as well as potential development milestones and commercial royalties. Incyte currently has two clinical programs ongoing with INCA033989 in MPNs, one in pivotal trials and another in earlier stage studies, as well as ongoing revenues in the Hematology area through Jakari. We are maintaining our Buy rating and $90 price target on HALO shares on the Company's solid partnership momentum."

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Shares of Halozyme Therapeutics closed at $77.09 yesterday.