In a report released today, Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on Halozyme (HALO – Research Report), with a price target of $70.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors impacting Halozyme’s outlook. One key reason is the positive recommendation from the Committee for Medicinal Products for Human Use (CHMP) concerning the subcutaneous version of RYBREVANT, which has shown improved overall survival rates and progression-free survival in clinical trials. This positive update, supported by data from the Phase 3 PALOMA-3 study, highlights the efficacy advantages of Halozyme’s ENHANZE technology.
Moreover, the ENHANZE platform is central to Halozyme’s investment thesis, as it allows for the subcutaneous administration of drugs traditionally given intravenously, enhancing convenience and extending market exclusivity for partner companies. This technology is poised to capture a significant share of the growing infusion therapy market, which was valued at approximately $44 billion in 2022 and is expected to reach $75 billion by 2032. Combining these strategic advantages with a discounted cash flow analysis, Mitchell Kapoor arrives at a 12-month price target of $70 per share, justifying the Buy rating.
In another report released yesterday, Benchmark Co. also maintained a Buy rating on the stock with a $75.00 price target.