Halozyme Therapeutics, Inc. (HALO) Shares Down Over 19% After Releasing Guidance and Program Update


Halozyme Therapeutics, Inc. (NASDAQ:HALO) shares have tumbled today following the release of company update at the annual JP Morgan Healthcare Conference. Apparently shareholders were not too happy with the news, the stock has fallen over 19%.

“We enter the year with great momentum in our expanded PEGPH20 clinical program and with our collaboration partners, including achieving targeted enrollment in our Phase 2 study in pancreatic cancer patients and signing our sixth ENHANZE™ global collaboration and licensing agreement through the Lilly relationship we announced last month,” said Dr. Helen Torley, president and chief executive officer of Halozyme Therapeutics, Inc. (NASDAQ:HALO). “In 2016, we will continue to invest to advance our study of the pan-tumor potential of PEGPH20, and to further expand the value of our growing ENHANZE franchise.”

2016 financial guidance was released along with key program updates. The stock is down 19.19% or $2.85 following the news, hitting $12 per share. About 2.03M shares traded hands or 103.88% up from the average. HALO has declined 25.64% since June 5, 2015 and is downtrending. It has underperformed the S&P500 by 19.78%.

From a total of 4 analysts covering Halozyme Therapeutics (NASDAQ:HALO) stock, 4 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $27 while the lowest target price is $22. The mean of all analyst targets is $24.50 which is 104.17% above today’s ($12) stock price. Halozyme Therapeutics was the topic of 4 analyst reports since August 11, 2015 according to the firm StockzIntelligence Inc. Wells Fargo initiated shares on December 4 with a “Outperform” rating. Barclays Capital initiated HALO stock in a recent report from September 22 with a “Overweight” rating.

The institutional sentiment increased to 1.42 in Q2 2015. It’s up 0.15, from 1.27 in 2015Q2. The ratio is positive, as 17 funds sold all their Halozyme Therapeutics, Inc. shares they owned while 49 reduced their positions. 32 funds bought stakes while 62 increased their total positions. Institutions now own 105.20 million shares which is 9.14% more than the previous share count of 96.39 million in 2015Q2.

Third Security Llc holds 10.59% of its total portfolio in Halozyme Therapeutics, Inc., equating to 19.83 million shares. Bb Biotech Ag owns 6.93 million shares representing 2.95% of their total US portfolio. Moreover, Sectoral Asset Management Inc has 1.64% of their total portfolio invested in the company, equating to 2.67 million shares. The California-based Sterling Global Strategies Llc has a total of 1.63% of their portfolio invested in the stock. Lombard Odier Asset Management (Usa) Corp, a New York-based fund reported 1.06 million shares owned.

Halozyme Therapeutics, Inc. is a biotechnology company, which is focused on developing and commercializing oncology therapies that target the tumor microenvironment. The company has a market cap of $1.89 billion. The Company’s development pipeline consists primarily of clinical-stage product candidates in oncology and diabetes. It currently has negative earnings. The product candidates in its pipeline are based on rHuPH20, a human recombinant hyaluronidase enzyme. rHuPH20 temporarily breaks down hyaluronic acid .