Halozyme downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Sean Laaman downgraded Halozyme (HALO) to Equal Weight from Overweight with a price target of $62, down from $73. The firm says the issuance by Centers for Medicare and Medicaid Services of draft pricing guidance “creates too much uncertainty” to remain Overweight Halozyme. While any outcome could prove to be benign, and the stock price has accommodated some risk, CMS will not issue final guidance until later in 2025, the analyst tells investors in a research note. Morgan says the CMS draft may impact Halozyme’s drug pricing, posing a headwind for hyaluronidase products.