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UPDATE: Jefferies Downgrades Halozyme Therapeutics to Underperform on FDA Headwinds

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Jefferies reduced its rating on Halozyme Therapeutics (NASDAQ: HALO) from Hold to Underperform and cut its price target from $8 to $3 following an FDA hold on clinical trials of an important growth driver to the company.

Jefferies said, "As expected HyQ gets CRL, but more importantly, FDA puts a clinical hold on rHuPH20 trials for HyQ & Cinryze. Given HALO's value is entirely based on its rHuPH20 platform, this raises significant uncertainty on its future (unlikely additional partnership opportunity, conceivable termination of BAX/VPHM deals). Even if Roche's SC Herceptin/SC MabThera get thru U approval, commercial potential is small from our previous survey data."

Halozyme Therapeutics closed at $8.56 on Wednesday.

Latest Ratings for HALO

DateFirmActionFromTo
Dec 2020BerenbergInitiates Coverage OnBuy
Nov 2020Wells FargoMaintainsOverweight
Jul 2020Piper SandlerMaintainsOverweight

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Posted-In: JefferiesAnalyst Color Downgrades Intraday Update Analyst Ratings

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StockFirmActionPT
DRDHC Wainwright & Co.Maintains19.5
BLXNational Bank Of CanadaDowngrades54.0
ORGOSVB LeerinkMaintains13.0
AYXTruist SecuritiesInitiates Coverage On150.0
ACIMorgan StanleyDowngrades13.0
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