Halozyme: ENHANZE Platform Partnerships in Immunology and Obesity Drive Underappreciated Royalty Upside and Support Buy Rating

H.C. Wainwright analyst Mitchell Kapoor reiterated a Buy rating on Halozyme today and set a price target of $90.00.

Mitchell Kapoor has given his Buy rating due to a combination of factors that underscore the strategic and financial strength of Halozyme’s ENHANZE platform. He views the recent business development wins with Takeda and Skye as expanding ENHANZE’s reach beyond oncology into large, durable markets like inflammatory bowel disease and obesity, while preserving the platform’s attractive economic structure of upfront payments, milestones, and recurring royalty streams. These new collaborations add diversified royalty opportunities that can support higher long-term revenue baselines, and Kapoor anticipates that Halozyme is positioned to update its multi‑year royalty guidance upward as these programs advance. He also interprets the Takeda Entyvio subcutaneous deal as validation of ENHANZE’s relevance in immunology, with the potential to extend Halozyme’s royalty tail as the franchise leverages a more convenient delivery route in an increasingly competitive setting.

From the Skye nimacimab collaboration, Kapoor highlights that ENHANZE could unlock a previously constrained obesity asset by enabling higher subcutaneous dosing, addressing what appears to be a delivery limitation rather than a problem with the underlying CB1 biology. As obesity therapies move toward higher doses and complex combination regimens, he believes ENHANZE can shift from being a convenience feature to an essential enabling technology, giving Halozyme exposure to a high-growth, capital-intensive field without bearing direct clinical or development risk. The standardized royalty terms with Skye, combined with the potentially outsized strategic upside, reinforce his view that the market underappreciates ENHANZE’s role as a scalable platform rather than a commodity add‑on. Taken together, these drivers support Kapoor’s conviction in Halozyme’s long-term growth prospects and his reiteration of a Buy rating and a $90 12‑month price target.

In another report released today, TD Cowen also maintained a Buy rating on the stock with a $90.00 price target.