). That price target implies significant upside from where the shares closed on Tuesday. “We arrive at our fair value estimate of $17/share by taking the sum of a 6x multiple on HALO's revenue from Hylenex in the pump setting in 2016 and a 15x multiple on royalties received from partnerships with Baxter, Roche and ViroPharma, all discounted back 5 years at 20%. We prefer to ascribe no value to the insulin pen, PEGPH20, and HTI-501 dermatology programs as well as the Interexon partnership,” Wedbush said in the note.