Halozyme Therapeutics Inc (HALO)

[Minninv]

Halozyme hurt by downgrade after mixed Q1 results

Halozyme Therapeutics (NASDAQ:HALO) reported a mixed performance with its Q1 2021 financials on Monday after the close. The stock lost ~7.4% yesterday in reaction.
Piper Sandler has downgraded the stock to neutral from overweight, and the price target slashed to $48.00 from $50.00 per share implies a premium of ~12.5% to the previous close.
Noting his previous upgrade which was mostly based on an aggressive outlook for Darzalex Faspro’s early launch, Analyst Joseph Catanzaro says: “Our sense is that faspro’s impressive conversion trajectory has reached full appreciation.”
The subcutaneous formulation of multiple myeloma medication DARZALEX (daratumumab) is co-formulated with Halozyme's ENHANZE drug delivery technology, and it was granted FDA approval in May 2020.