HC Wainwright Forecasts Strong Price Appreciation for Halozyme Therapeutics (NASDAQ:HALO) Stock

Halozyme Therapeutics (NASDAQ:HALO) had its price target raised by research analysts at HC Wainwright from $68.00 to $70.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 32.58% from the stock’s current price.

Several other research analysts have also recently weighed in on HALO. JMP Securities boosted their price objective on shares of Halozyme Therapeutics from $72.00 to $73.00 and gave the stock a “market outperform” rating in a research report on Friday, November 1st. Wells Fargo & Company cut shares of Halozyme Therapeutics from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $58.00 to $62.00 in a research report on Monday, October 7th. JPMorgan Chase & Co. cut shares of Halozyme Therapeutics from an “overweight” rating to a “neutral” rating and upped their target price for the company from $52.00 to $57.00 in a research report on Thursday, September 19th. Piper Sandler upped their target price on shares of Halozyme Therapeutics from $51.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Finally, Cowen reiterated a “buy” rating on shares of Halozyme Therapeutics in a research report on Friday, October 18th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $61.44.

Halozyme Therapeutics Stock Performance

HALO stock opened at $52.80 on Friday. The company has a debt-to-equity ratio of 3.32, a current ratio of 10.36 and a quick ratio of 9.15. The company has a 50 day moving average price of $50.14 and a 200 day moving average price of $54.02. Halozyme Therapeutics has a fifty-two week low of $33.15 and a fifty-two week high of $65.53. The stock has a market capitalization of $6.72 billion, a PE ratio of 17.48, a price-to-earnings-growth ratio of 0.44 and a beta of 1.24.

Insider Activity

In related news, SVP Michael J. Labarre sold 10,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $53.26, for a total value of $532,600.00. Following the completion of the transaction, the senior vice president now directly owns 173,756 shares of the company’s stock, valued at approximately $9,254,244.56. This represents a 5.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Halozyme Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HALO. Congress Asset Management Co. boosted its stake in Halozyme Therapeutics by 446.5% in the 3rd quarter. Congress Asset Management Co. now owns 2,433,579 shares of the biopharmaceutical company’s stock worth $139,298,000 after purchasing an additional 1,988,238 shares during the period. Handelsbanken Fonder AB boosted its stake in Halozyme Therapeutics by 76.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 1,969,169 shares of the biopharmaceutical company’s stock worth $112,715,000 after purchasing an additional 856,200 shares during the period. Boston Trust Walden Corp boosted its stake in Halozyme Therapeutics by 54.0% in the 3rd quarter. Boston Trust Walden Corp now owns 682,616 shares of the biopharmaceutical company’s stock worth $39,073,000 after purchasing an additional 239,321 shares during the period. Dimensional Fund Advisors LP boosted its stake in Halozyme Therapeutics by 12.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,897,759 shares of the biopharmaceutical company’s stock worth $99,363,000 after purchasing an additional 209,530 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Halozyme Therapeutics by 37.8% in the 2nd quarter. Federated Hermes Inc. now owns 696,131 shares of the biopharmaceutical company’s stock worth $36,449,000 after purchasing an additional 191,030 shares during the period. 97.79% of the stock is owned by institutional investors and hedge funds.

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.