H.C. Wainwright Reiterates Buy on Halozyme (HALO), Maintains Price Target

H.C. Wainwright’s Mitchell Kapoor maintained Halozyme Therapeutics Inc. (NASDAQ:HALO) at a $72 price target and a Buy rating on May 29. The analyst expressed ongoing confidence in the company following the European Commission’s (EC) clearance of the subcutaneous (SC) version of Bristol-Myers Squibb’s PD-1 inhibitor, Opdivo, which makes use of Halozyme’s ENHANZE technology. This EC’s decision follows Opdivo Qvantig’s December approval in the United States.

The EC’s approval covers multiple adult solid tumors for a number of use cases, including monotherapy, as maintenance monotherapy following intravenous nivolumab alongside Yervoy, or in addition to chemotherapy. The launch of SC Opdivo, according to Kapoor, is a significant step forward for Bristol-Myers Squibb in its clash with Merck’s Keytruda. As per Kapoor, the competitor is now lagging behind in the race to create a subcutaneous PD-1 inhibitor.

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Read More: 10 Best Stocks to Buy According to the Bill & Melinda Gates Foundation Trust and 15 Best Stocks to Buy According to Jim Simons’ Renaissance Technologies.

Disclosure: None.