SVB Leerink slashes price target on Halozyme Therapeutics Inc. [HALO] – find out why.

Halozyme Therapeutics Inc. [NASDAQ: HALO] jumped around 1.39 points on Tuesday, while shares priced at $44.48 at the close of the session, up 3.23%. The company report on August 15, 2022 that Halozyme Therapeutics, Inc. Announces Upsize and Pricing of Private Offering of $625 Million of Convertible Senior Notes due 2028.

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Halozyme Therapeutics, Inc. (NASDAQ: HALO) (“Halozyme” or the “Company”), a leader in converting IV biologics to subcutaneous delivery, today announced the pricing of $625.0 million aggregate principal amount of convertible senior notes due 2028 (the “Convertible Notes”). The Convertible Notes are being offered and sold to “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering was upsized from an originally announced $500 million in aggregate principal amount. The Company also granted a 13-day option to the initial purchasers to purchase up to an additional $95.0 million aggregate principal amount of Convertible Notes.

The Convertible Notes will be senior, unsecured obligations of the Company and will accrue interest payable semi-annually in arrears at an annual rate of 1.00%. The Convertible Notes have an initial conversion rate of 17.8517 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes (which is equivalent to an initial conversion price of approximately $56.02 per share of the Company’s common stock, representing an initial conversion premium of approximately 30% above the closing price of $43.09 per share of the Company’s common stock on August 15, 2022). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. Holders of the Convertible Notes will have the right to require the Company to repurchase all or a portion of their Convertible Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes) at a cash repurchase price of 100% of their principal amount plus any accrued and unpaid interest. The Convertible Notes will mature on August 15, 2028, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding February 15, 2028, the Convertible Notes will be convertible only upon the satisfaction of certain conditions and during certain periods, and on and after February 15, 2028, at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, the Convertible Notes will be convertible regardless of these conditions. The Company will settle conversions in cash and, if applicable, shares of the Company’s common stock. The Company expects to close the offering on August 18, 2022, subject to the satisfaction of various customary closing conditions.

Halozyme Therapeutics Inc. stock is now 10.62% up from its year-to-date (YTD) trading value. HALO Stock saw the intraday high of $45.76 and lowest of $42.95 per share. The company’s 52-week high price is 52.98, which means current price is +41.84% above from all time high which was touched on 07/08/22.

Compared to the average trading volume of 1.24M shares, HALO reached a trading volume of 8924214 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Halozyme Therapeutics Inc. [HALO]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for HALO shares is $49.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on HALO stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

SVB Leerink have made an estimate for Halozyme Therapeutics Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on May 23, 2022. While these analysts kept the previous recommendation, Evercore ISI raised their target price to Outperform. The new note on the price target was released on June 14, 2021, representing the official price target for Halozyme Therapeutics Inc. stock. Previously, the target price had yet another raise to $56, while SVB Leerink analysts kept a Outperform rating on HALO stock. On May 11, 2021, analysts decreased their price target for HALO shares from 50 to 48.

The Average True Range (ATR) for Halozyme Therapeutics Inc. is set at 2.02, with the Price to Sales ratio for HALO stock in the period of the last 12 months amounting to 12.64. The Price to Book ratio for the last quarter was 20.88, with the Price to Cash per share for the same quarter was set at 1.51. Price to Free Cash Flow for HALO in the course of the last twelve months was 21.23 with Quick ratio for the last quarter at 2.20.

How has HALO stock performed recently?

Halozyme Therapeutics Inc. [HALO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.65. With this latest performance, HALO shares dropped by -7.72% in over the last four-week period, additionally plugging by 32.22% over the last 6 months – not to mention a rise of 7.78% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for HALO stock in for the last two-week period is set at 42.02, with the RSI for the last a single of trading hit 40.68, and the three-weeks RSI is set at 44.58 for Halozyme Therapeutics Inc. [HALO]. The present Moving Average for the last 50 days of trading for this stock 46.74, while it was recorded at 43.63 for the last single week of trading, and 40.19 for the last 200 days.

Halozyme Therapeutics Inc. [HALO]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Halozyme Therapeutics Inc. [HALO] shares currently have an operating margin of +62.24 and a Gross Margin at +81.64. Halozyme Therapeutics Inc.’s Net Margin is presently recorded at +90.84.

Return on Equity for this stock inclined to 231.44, with Return on Assets sitting at 47.82.

Halozyme Therapeutics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.20 and a Current Ratio set at 2.70.

Earnings analysis for Halozyme Therapeutics Inc. [HALO]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for HALO. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Halozyme Therapeutics Inc. go to 31.00%.

Insider trade positions for Halozyme Therapeutics Inc. [HALO]

There are presently around $5,664 million, or 97.40% of HALO stock, in the hands of institutional investors. The top three institutional holders of HALO stocks are: BLACKROCK INC. with ownership of 18,381,405, which is approximately -6.552% of the company’s market cap and around 0.70% of the total institutional ownership; VANGUARD GROUP INC, holding 13,296,813 shares of the stock with an approximate value of $591.44 million in HALO stocks shares; and ARTISAN PARTNERS LIMITED PARTNERSHIP, currently with $283.13 million in HALO stock with ownership of nearly -31.45% of the company’s market capitalization.

Positions in Halozyme Therapeutics Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 207 institutional holders increased their position in Halozyme Therapeutics Inc. [NASDAQ:HALO] by around 11,908,326 shares. Additionally, 146 investors decreased positions by around 10,479,434 shares, while 42 investors held positions by with 104,954,670 shares. The mentioned changes placed institutional holdings at 127,342,430 shares, according to the latest SEC report filing. HALO stock had 79 new institutional investments in for a total of 3,410,385 shares, while 30 institutional investors sold positions of 837,851 shares during the same period.


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