Jefferies Reiterates Underperform Rating, $4 PT on Halozyme Therapeutics

In a report published Wednesday, Jefferies reiterated its Underperform rating and $4.00 price target on Halozyme Therapeutics HALO. Jefferies noted, “SC Herceptin EU approval is expected in 1H13; its commercial success will be key to ultimate validation of rHuPH20 technology & further valuation upside in HALO. We continue to view SC Herceptin commercial potential as low. Given delays in Herceptin biosimilar EU market entry & potentially expedited development of its T-DM1 in HER2+ BC adjuvant setting, Roche's focus on SC Herceptin seems to have diminished.” Halozyme Therapeutics closed on Tuesday at $8.03.