Halozyme Therapeutics (NASDAQ:HALO) Downgraded by JPMorgan Chase & Co.

Halozyme Therapeutics (NASDAQ:HALO) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. They presently have a $57.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $52.00. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 8.52% from the stock’s current price.

A number of other analysts have also weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Halozyme Therapeutics in a research note on Friday, September 13th. The Goldman Sachs Group upped their price target on shares of Halozyme Therapeutics from $44.00 to $49.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. TD Cowen lifted their price objective on shares of Halozyme Therapeutics from $59.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Benchmark reissued a “buy” rating and issued a $60.00 price objective on shares of Halozyme Therapeutics in a research note on Thursday, August 8th. Finally, Piper Sandler cut Halozyme Therapeutics from an “overweight” rating to a “neutral” rating and increased their target price for the company from $48.00 to $51.00 in a research report on Friday, June 7th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Halozyme Therapeutics has an average rating of “Moderate Buy” and an average target price of $60.00.

Halozyme Therapeutics Stock Performance

Halozyme Therapeutics stock opened at $62.31 on Thursday. The company has a debt-to-equity ratio of 5.19, a quick ratio of 6.21 and a current ratio of 7.41. The company has a market capitalization of $7.93 billion, a PE ratio of 25.75, a P/E/G ratio of 0.57 and a beta of 1.28. The company has a 50 day moving average price of $58.14 and a 200-day moving average price of $48.95. Halozyme Therapeutics has a fifty-two week low of $32.83 and a fifty-two week high of $65.53.

Halozyme Therapeutics (NASDAQ:HALO) last issued its earnings results on Tuesday, August 6th. The biopharmaceutical company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.18. Halozyme Therapeutics had a return on equity of 195.80% and a net margin of 38.62%. The business had revenue of $231.40 million during the quarter, compared to analyst estimates of $204.94 million. During the same period in the previous year, the company posted $0.68 EPS. Halozyme Therapeutics’s revenue was up 4.7% on a year-over-year basis. As a group, equities analysts forecast that Halozyme Therapeutics will post 3.7 earnings per share for the current year.

Insider Activity

In related news, CFO Nicole Labrosse sold 5,000 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $53.93, for a total transaction of $269,650.00. Following the transaction, the chief financial officer now directly owns 15,480 shares in the company, valued at approximately $834,836.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Halozyme Therapeutics news, CFO Nicole Labrosse sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $53.93, for a total value of $269,650.00. Following the completion of the sale, the chief financial officer now owns 15,480 shares of the company’s stock, valued at $834,836.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Michael J. Labarre sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $55.12, for a total value of $551,200.00. Following the sale, the senior vice president now owns 168,176 shares in the company, valued at approximately $9,269,861.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,881 shares of company stock worth $4,888,184. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. TD Asset Management Inc increased its position in shares of Halozyme Therapeutics by 28.1% in the 1st quarter. TD Asset Management Inc now owns 2,541,266 shares of the biopharmaceutical company’s stock valued at $103,379,000 after acquiring an additional 557,350 shares during the period. Congress Asset Management Co. MA increased its holdings in shares of Halozyme Therapeutics by 16.2% in the first quarter. Congress Asset Management Co. MA now owns 407,867 shares of the biopharmaceutical company’s stock valued at $16,592,000 after purchasing an additional 56,791 shares during the period. Boston Trust Walden Corp purchased a new position in shares of Halozyme Therapeutics in the second quarter worth about $23,211,000. Los Angeles Capital Management LLC lifted its holdings in shares of Halozyme Therapeutics by 17.2% during the first quarter. Los Angeles Capital Management LLC now owns 121,000 shares of the biopharmaceutical company’s stock worth $4,922,000 after purchasing an additional 17,716 shares during the period. Finally, Norden Group LLC boosted its position in Halozyme Therapeutics by 1,817.3% in the first quarter. Norden Group LLC now owns 167,284 shares of the biopharmaceutical company’s stock valued at $6,805,000 after buying an additional 158,559 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.

Halozyme Therapeutics Company Profile

Halozyme Therapeutics, Inc, a biopharma technology platform company, researches, develops, and commercializes proprietary enzymes and devices in the United States, Switzerland, Belgium, Japan, and internationally. The company's products are based on the patented recombinant human hyaluronidase enzyme (rHuPH20) that enables delivery of injectable biologics, such as monoclonal antibodies and other therapeutic molecules, as well as small molecules and fluids.