Halozyme Therapeutics rises after raising FY forecast, upbeat Q3 results

Halozyme Therapeutics

01/11/2024 14:28

(Updates)
    ** Biopharma co Halozyme Therapeutics'  HALO.O  shares rise
10.4% to $55.89
    ** Co raises FY24 revenue forecast to between $970 mln and
$1.02 bln, driven by an increase in royalty revenue and product
sales, from its previous forecast of $935 mln to $1.02 bln
    ** HALO forecasts FY24 adj. EPS between $4.00 and $4.20 vs
its previous forecast of $3.65 to $4.05
    ** Expects rev of $550 mln to $565 mln from royalties,
representing growth of 23% to 26% over previous year
    ** Co's Q3 adj. EPS of $1.27 beats analysts' estimates of 98
cents per share, according to data compiled by LSEG
    ** H.C. Wainwright raises PT on stock to $68 from $65, says
revenue beat, primarily due to a large increase in royalty
revenues, signals the healthy market appetite for Halozyme's
co-formulated products
        ** Leerink Partners also raises PT to $58 from $56
  
    ** Avg rating of brokerages is "buy"; median PT is $63 -
LSEG data
    ** Including session's move, stock up 50.2% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))