UPDATE: BMO Capital Markets Upgrades Halozyme Therapeutics to Outperform, Raises PT

In a report published Monday, BMO Capital Markets upgraded its rating on Halozyme Therapeutics

from Market Perform to Outperform, and raised its price target from $4.00 to $12.00. BMO Capital Markets noted, “We are upgrading our rating on HALO to Outperform and increasing our price target to $12. After our meeting with management we are increasingly confident in a positive opinion for Herceptin SC in 1Q13 and favorable positioning by partner Roche as a line extension to $6B+ brand Herceptin. Visibility on incremental value drivers should improve over the course of 2013, with phase 2 data for PEG-PH20 in pancreatic CA in 1H13, potential CHMP opinion on MabThera SC by YE13, Cinryze + PH20 data by YE13 and progress with the phase 4 insulin pump program for HYLENEX. Finally, with recent collaboration with Pfizer we see increased platform value and expect emergence of additional value drivers over the next 12 months.” Halozyme Therapeutics closed on Friday at $7.21.