H.C. Wainwright Reiterates Buy Rating on Halozyme Therapeutics (HALO)

H.C. Wainwright analyst Mitchell Kapoor reiterated a Buy rating and $65.00 price target on Halozyme Therapeutics (NASDAQ: HALO).

The analyst commented: "Yesterday, Halozyme announced that the European Patent Office (EPO) notified the company and its partner Janssen, a division of Johnson & Johnson, that coformulation patents protecting DARZALEX SC in the EU have been revoked—see overleaf. We note three key takeaways for investors: (1) Halozyme is maintaining its guidance for projected royalties on sales of DARZALEX SC in Europe into 2032; (2) Halozyme is maintaining its projected royalties for DARZALEX FASPRO in the United States; and (3) no impact is expected to patentability standard and expectations for future collaboration patents. Janssen has two granted European patents that have been revoked by the Opposition Division at the EPO. These still remain valid at this time. The revocations of Janssen's patents have been primarily based on the publication timing of a clinical trial protocol by Janssen that occurred before the priority date of the European patents. Janssen has decided to appeal the first of the two; it is likely that Janssen will appeal the second revoked patent as well. The patents remain valid unless and until there is an appellate decision that finally revokes each of them. While there is a third patent application pending, it is currently under review by the EPO, since it cannot be revoked until it is granted. Halozyme believes there is patentable subject matter with the third (pending) patent. We reiterate our Buy rating and 12-month price target of $65."

For an analyst ratings summary and ratings history on Halozyme Therapeutics click here. For more ratings news on Halozyme Therapeutics click here.

Shares of Halozyme Therapeutics closed at $49.30 yesterday.

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