Analyst Sean Laaman from Morgan Stanley maintained a Buy rating on Halozyme (HALO – Research Report) and keeping the price target at $67.00.
Sean Laaman has given his Buy rating due to a combination of factors related to Halozyme’s strategic positioning in the biotechnology sector. The ongoing patent dispute with Merck over the subcutaneous version of Keytruda highlights Halozyme’s strong intellectual property portfolio, particularly concerning its enzyme technology that facilitates drug delivery. Successfully defending these patents could open up lucrative licensing opportunities, enhancing Halozyme’s revenue streams and financial stability.
Moreover, Halozyme’s unique enzyme technology differentiates it from competitors, potentially allowing it to capture a significant market share in the development of injectable drug formulations. This differentiation is crucial as the demand for subcutaneous formulations grows. While the outcome of the dispute remains uncertain, the potential upside from licensing agreements and the strategic importance of Halozyme’s technology underpin the Buy rating.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $78.00 price target.
HALO’s price has also changed slightly for the past six months – from $61.050 to $59.530, which is a -2.49% drop .