Halozyme Therapeutics (NASDAQ:HALO) Sets New 52-Week High After Earnings Beat

Halozyme Therapeutics, Inc. (NASDAQ:HALO - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $69.07 and last traded at $68.06, with a volume of 1856311 shares trading hands. The stock had previously closed at $59.38.

The biopharmaceutical company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.13. The company had revenue of $264.86 million during the quarter, compared to the consensus estimate of $231.21 million. Halozyme Therapeutics had a net margin of 43.74% and a return on equity of 157.78%. Halozyme Therapeutics's revenue was up 35.2% compared to the same quarter last year. During the same period last year, the firm earned $0.79 earnings per share.

Analysts Set New Price Targets

Several brokerages have weighed in on HALO. Benchmark downgraded shares of Halozyme Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. HC Wainwright restated a "buy" rating and issued a $72.00 target price on shares of Halozyme Therapeutics in a research note on Friday, April 25th. Wells Fargo & Company lifted their price objective on shares of Halozyme Therapeutics from $60.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Halozyme Therapeutics from $55.00 to $58.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $63.78.

Insider Buying and Selling

In related news, Director Jeffrey William Henderson sold 503 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $64.05, for a total transaction of $32,217.15. Following the completion of the transaction, the director now owns 33,108 shares of the company's stock, valued at $2,120,567.40. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael J. Labarre sold 10,000 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $58.05, for a total transaction of $580,500.00. Following the transaction, the senior vice president now directly owns 185,453 shares of the company's stock, valued at approximately $10,765,546.65. This trade represents a 5.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,697 shares of company stock valued at $1,276,552 over the last 90 days. Insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Entropy Technologies LP acquired a new position in shares of Halozyme Therapeutics in the first quarter worth about $731,000. Covestor Ltd raised its position in shares of Halozyme Therapeutics by 80.7% in the first quarter. Covestor Ltd now owns 2,749 shares of the biopharmaceutical company's stock worth $175,000 after acquiring an additional 1,228 shares during the period. Koa Wealth Management LLC raised its position in shares of Halozyme Therapeutics by 3.7% in the first quarter. Koa Wealth Management LLC now owns 85,478 shares of the biopharmaceutical company's stock worth $5,454,000 after acquiring an additional 3,071 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Halozyme Therapeutics by 2.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 42,133 shares of the biopharmaceutical company's stock worth $2,689,000 after acquiring an additional 1,185 shares during the period. Finally, Intrust Bank NA acquired a new position in shares of Halozyme Therapeutics in the first quarter worth about $254,000. Hedge funds and other institutional investors own 97.79% of the company's stock.

Halozyme Therapeutics Stock Performance

The business's 50-day simple moving average is $61.45 and its two-hundred day simple moving average is $55.88. The firm has a market cap of $8.20 billion, a price-to-earnings ratio of 19.41, a P/E/G ratio of 0.42 and a beta of 1.26. The company has a quick ratio of 9.15, a current ratio of 7.80 and a debt-to-equity ratio of 4.14.

About Halozyme Therapeutics

Halozyme Therapeutics, Inc, a biopharma technology platform company, researches, develops, and commercializes proprietary enzymes and devices in the United States, Switzerland, Belgium, Japan, and internationally. The company's products are based on the patented recombinant human hyaluronidase enzyme (rHuPH20) that enables delivery of injectable biologics, such as monoclonal antibodies and other therapeutic molecules, as well as small molecules and fluids.