Halozyme Therapeutics (NASDAQ:HALO) Raised to "Overweight" at Morgan Stanley

Key Points

• Morgan Stanley upgraded Halozyme Therapeutics from "equal weight" to "overweight," setting a new target price of $75.00, which indicates a potential upside of 23.33% from the company's previous close.
• The company's Q2 earnings reported earnings per share of $1.54, exceeding estimates of $1.23, and revenue reached $325.72 million, up 40.8% year-over-year.
• Insiders, including CEO Helen Torley, sold shares recently, indicating a 2.65% decrease in ownership, but institutional investors continue to hold a significant stake in the company at 97.79%.

Morgan Stanley upgraded shares of Halozyme Therapeutics (NASDAQ:HALO - Free Report) from an equal weight rating to an overweight rating in a report published on Wednesday, MarketBeat Ratings reports. They currently have $75.00 price objective on the biopharmaceutical company's stock, up from their prior price objective of $62.00.

A number of other research analysts have also recently issued reports on HALO. The Goldman Sachs Group assumed coverage on shares of Halozyme Therapeutics in a report on Thursday, July 10th. They set a "neutral" rating and a $55.00 price objective for the company. Leerink Partners lowered shares of Halozyme Therapeutics from a "market perform" rating to an "underperform" rating and set a $47.00 price target for the company. in a report on Tuesday, May 13th. Wells Fargo & Company raised their price objective on Halozyme Therapeutics from $60.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on Halozyme Therapeutics from $58.00 to $60.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Finally, HC Wainwright restated a "buy" rating and issued a $72.00 price target on shares of Halozyme Therapeutics in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $66.56.

Halozyme Therapeutics Trading Up 1.3%

Shares of Halozyme Therapeutics stock traded up $0.80 on Wednesday, hitting $62.90. 1,592,672 shares of the company's stock traded hands, compared to its average volume of 1,612,448. The firm's 50-day moving average price is $55.98 and its two-hundred day moving average price is $57.95. The stock has a market capitalization of $7.75 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 0.38 and a beta of 1.17. Halozyme Therapeutics has a one year low of $42.01 and a one year high of $70.50. The company has a debt-to-equity ratio of 4.54, a current ratio of 8.36 and a quick ratio of 7.30.

Halozyme Therapeutics (NASDAQ:HALO - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.31. Halozyme Therapeutics had a return on equity of 150.85% and a net margin of 47.28%. The business had revenue of $325.72 million during the quarter, compared to analysts' expectations of $282.66 million. During the same period in the previous year, the firm earned $0.91 earnings per share. The firm's quarterly revenue was up 40.8% compared to the same quarter last year. On average, research analysts expect that Halozyme Therapeutics will post 4.73 EPS for the current fiscal year.

Insider Buying and Selling at Halozyme Therapeutics

In other news, CEO Helen Torley sold 20,000 shares of the business's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $56.43, for a total transaction of $1,128,600.00. Following the completion of the transaction, the chief executive officer owned 733,719 shares of the company's stock, valued at approximately $41,403,763.17. The trade was a 2.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders sold 60,000 shares of company stock valued at $3,262,400. Company insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Halozyme Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Los Angeles Capital Management LLC boosted its position in shares of Halozyme Therapeutics by 951.8% during the second quarter. Los Angeles Capital Management LLC now owns 973,670 shares of the biopharmaceutical company's stock valued at $50,650,000 after buying an additional 881,094 shares during the last quarter. Capital World Investors purchased a new position in Halozyme Therapeutics during the 4th quarter worth $35,773,000. Jupiter Asset Management Ltd. grew its stake in shares of Halozyme Therapeutics by 1,012.8% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 670,612 shares of the biopharmaceutical company's stock worth $34,885,000 after acquiring an additional 610,350 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Halozyme Therapeutics by 154.5% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 910,169 shares of the biopharmaceutical company's stock valued at $58,078,000 after purchasing an additional 552,590 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its position in shares of Halozyme Therapeutics by 171.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 831,414 shares of the biopharmaceutical company's stock valued at $39,750,000 after purchasing an additional 524,802 shares in the last quarter. Institutional investors and hedge funds own 97.79% of the company's stock.

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.