Wells Fargo & Company Raises Halozyme Therapeutics (NASDAQ:HALO) Price Target to $65.00

Halozyme Therapeutics (NASDAQ:HALO - Get Free Report) had its price target lifted by stock analysts at Wells Fargo & Company from $60.00 to $65.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's price objective would indicate a potential downside of 4.49% from the company's previous close.

A number of other equities research analysts have also recently issued reports on the company. Benchmark reiterated a "buy" rating and issued a $75.00 target price on shares of Halozyme Therapeutics in a research note on Thursday, February 20th. HC Wainwright reissued a "buy" rating and set a $72.00 target price on shares of Halozyme Therapeutics in a research note on Friday, April 25th. Piper Sandler raised their price target on shares of Halozyme Therapeutics from $52.00 to $53.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. Finally, JPMorgan Chase & Co. boosted their price objective on Halozyme Therapeutics from $55.00 to $58.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $63.78.

Halozyme Therapeutics Stock Performance

NASDAQ:HALO traded up $8.68 during trading hours on Wednesday, reaching $68.06. 1,856,311 shares of the stock were exchanged, compared to its average volume of 1,451,239. The stock has a market capitalization of $8.41 billion, a P/E ratio of 19.93, a P/E/G ratio of 0.42 and a beta of 1.26. The firm has a 50 day simple moving average of $60.88 and a 200-day simple moving average of $55.49. The company has a quick ratio of 9.15, a current ratio of 7.80 and a debt-to-equity ratio of 4.14. Halozyme Therapeutics has a 52 week low of $40.87 and a 52 week high of $68.93.

Halozyme Therapeutics (NASDAQ:HALO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported $1.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. The company had revenue of $264.86 million for 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%. The company's revenue for the quarter was up 35.2% on a year-over-year basis. During the same period last year, the firm posted $0.79 EPS. As a group, sell-side analysts forecast that Halozyme Therapeutics will post 4.73 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jeffrey William Henderson sold 503 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $2,120,567.40. This trade represents a 1.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Michael J. Labarre sold 10,000 shares of Halozyme Therapeutics stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 185,453 shares in the company, 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. In the last ninety days, insiders have sold 21,697 shares of company stock worth $1,276,552. 2.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Halozyme Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC grew its position in Halozyme Therapeutics by 265.5% during the 3rd quarter. Tidal Investments LLC now owns 20,576 shares of the biopharmaceutical company's stock worth $1,178,000 after purchasing an additional 14,947 shares in the last quarter. Everence Capital Management Inc. bought a new position in Halozyme Therapeutics during the fourth quarter valued at approximately $244,000. First Hawaiian Bank raised its holdings in shares of Halozyme Therapeutics by 56.2% during the 4th quarter. First Hawaiian Bank now owns 57,550 shares of the biopharmaceutical company's stock valued at $2,751,000 after purchasing an additional 20,700 shares in the last quarter. Fiduciary Alliance LLC bought a new stake in Halozyme Therapeutics in the fourth quarter worth $398,000. Finally, Tealwood Asset Management Inc. increased its position in Halozyme Therapeutics by 19.7% during the fourth quarter. Tealwood Asset Management Inc. now owns 52,813 shares of the biopharmaceutical company's stock worth $2,525,000 after buying an additional 8,694 shares during the last quarter. 97.79% of the stock is owned by institutional investors and hedge funds.

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.

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