Cresset Asset Management LLC Reduces Holdings in Halozyme Therapeutics, Inc. $HALO

Key Points

• Cresset Asset Management cut its stake in Halozyme by 22.6%, selling 66,013 shares and ending the quarter with 225,941 shares worth about $16.57M.
• Other institutions made large moves—most notably DLD Asset Management opened a new position valued at ~$650.25M and several firms (Arrowstreet, Federated Hermes, Los Angeles Capital) dramatically increased holdings, leaving institutional ownership at 97.79%.
• Halozyme missed earnings (EPS of -$0.24 vs. $1.92 estimate) despite revenue rising 51.6% to $451.77M; the stock has a consensus "Hold" rating with a $78.56 target, while insiders sold 62,000 shares (~$4.55M) in the past 90 days.

Cresset Asset Management LLC decreased its position in shares of Halozyme Therapeutics, Inc. (NASDAQ:HALO - Free Report) by 22.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 225,941 shares of the biopharmaceutical company's stock after selling 66,013 shares during the period. Cresset Asset Management LLC owned approximately 0.19% of Halozyme Therapeutics worth $16,571,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. DLD Asset Management LP bought a new position in Halozyme Therapeutics during the 2nd quarter valued at about $650,250,000. Arrowstreet Capital Limited Partnership lifted its stake in Halozyme Therapeutics by 127.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,541,181 shares of the biopharmaceutical company's stock worth $132,192,000 after purchasing an additional 1,425,674 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Halozyme Therapeutics by 294.1% during the third quarter. Federated Hermes Inc. now owns 1,450,704 shares of the biopharmaceutical company's stock valued at $106,395,000 after buying an additional 1,082,638 shares during the period. Qube Research & Technologies Ltd bought a new position in shares of Halozyme Therapeutics during the second quarter valued at approximately $51,295,000. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Halozyme Therapeutics by 951.8% in the second quarter. Los Angeles Capital Management LLC now owns 973,670 shares of the biopharmaceutical company's stock worth $50,650,000 after buying an additional 881,094 shares during the period. Institutional investors own 97.79% of the company's stock.

Analyst Ratings Changes

HALO has been the subject of a number of recent analyst reports. HC Wainwright restated a "buy" rating on shares of Halozyme Therapeutics in a report on Thursday, January 29th. The Goldman Sachs Group reissued a "sell" rating and set a $56.00 target price on shares of Halozyme Therapeutics in a research note on Thursday, December 4th. Weiss Ratings cut shares of Halozyme Therapeutics from a "buy (b-)" rating to a "hold (c)" rating in a report on Tuesday, February 24th. TD Cowen reiterated a "buy" rating on shares of Halozyme Therapeutics in a report on Wednesday, February 18th. Finally, Benchmark boosted their price objective on shares of Halozyme Therapeutics from $75.00 to $90.00 and gave the company a "buy" rating in a research report on Thursday, February 19th. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $78.56.

Insiders Place Their Bets

In other news, Director Bernadette Connaughton sold 2,000 shares of the business's stock in a transaction on Monday, January 5th. The stock was sold at an average price of $70.25, for a total value of $140,500.00. Following the completion of the transaction, the director directly owned 40,123 shares of the company's stock, valued at approximately $2,818,640.75. The trade was a 4.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Helen Torley sold 10,000 shares of the firm's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $70.21, for a total value of $702,100.00. Following the sale, the chief executive officer directly owned 767,780 shares in the company, valued at approximately $53,905,833.80. The trade was a 1.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 62,000 shares of company stock valued at $4,545,200. 2.40% of the stock is owned by company insiders.

Halozyme Therapeutics Stock Up 0.9%

NASDAQ:HALO opened at $70.02 on Thursday. The company has a debt-to-equity ratio of 43.89, a current ratio of 4.66 and a quick ratio of 3.66. Halozyme Therapeutics, Inc. has a 1-year low of $47.50 and a 1-year high of $82.22. The company has a 50-day moving average of $72.71 and a 200 day moving average of $70.76. The firm has a market cap of $8.26 billion, a PE ratio of 28.12, a price-to-earnings-growth ratio of 0.28 and a beta of 0.98.

Halozyme Therapeutics (NASDAQ:HALO - Get Free Report) last posted its quarterly earnings results on Tuesday, February 17th. The biopharmaceutical company reported ($0.24) EPS for the quarter, missing the consensus estimate of $1.92 by ($2.16). Halozyme Therapeutics had a net margin of 22.69% and a return on equity of 136.12%. The business had revenue of $451.77 million during the quarter, compared to the consensus estimate of $446.13 million. During the same quarter in the prior year, the firm posted $1.26 EPS. The company's revenue for the quarter was up 51.6% compared to the same quarter last year. As a group, research analysts anticipate that Halozyme Therapeutics, Inc. will post 4.73 EPS for the current fiscal year.

Halozyme Therapeutics Company Profile

Halozyme Therapeutics, Inc is a biopharmaceutical company headquartered in San Diego, California, that specializes in the development and commercialization of novel drug-delivery technologies. Founded in 1998, Halozyme focuses on enabling subcutaneous administration of biologic therapies through its proprietary platforms. The company's core mission is to improve patient access and convenience while maintaining efficacy and safety profiles comparable to or better than traditional routes of administration.

The company's flagship technology, ENHANZE®, is based on recombinant human hyaluronidase PH20 (rHuPH20), an enzyme that transiently degrades hyaluronan in the extracellular matrix.

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