Halozyme Therapeutics

HALO · NASDAQ

$124.37+$1.87 (+1.53%)TodayMarket closed · Oct 20, 7:51 PM ET

Prev close $122.50

HALO analyst rating

BuyConsensus of 10 analysts over the last 12 months. 70% rate it a buy.

Strong buy0
Buy7
Hold3
Underperform0
Sell0

12-month price target · 12 analysts

Average $106.01 (−14.8% downside)

Low: $88.88
Now: $124.37
High: $120.75

Upgrades and downgrades

The latest rating actions, newest first

HALO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	Oct 13, 2026	Maintains	Buy	$105.00 → $130.00	68%
JP Morgan	Oct 8, 2026	Maintains	Neutral	$70.00 → $78.00	57%
HC Wainwright & Co.	Oct 8, 2026	Maintains	Buy	$115.00 → $130.00	32%
HC Wainwright & Co.	Sep 2, 2026	Maintains	Buy	$115.00	32%
Leerink Partners	Aug 7, 2026	Upgrade	Market Perform → Outperform	$83.00 → $110.00	71%
TD Cowen	Aug 7, 2026	Maintains	Buy	$96.00 → $105.00	68%
Citizens	Aug 7, 2026	Maintains	Market Outperform	$92.00 → $93.00	41%
Wells Fargo	Aug 7, 2026	Maintains	Equal-Weight	$75.00 → $95.00	68%
HC Wainwright & Co.	Aug 7, 2026	Maintains	Buy	$95.00 → $115.00	32%
HC Wainwright & Co.	Jul 21, 2026	Maintains	Buy	$95.00	32%

The case for and against

Updated Oct 15, 2026

Bull case

Halozyme Therapeutics is attractive because its ENHANZE and Hypercon platforms are already producing durable, royalty-led growth, with 2Q26 royalty revenue of about $308 million and total revenue of $481 million both beating estimates. Management raised FY26 guidance to $1.835-1.910 billion of total revenue and $1.220-1.245 billion of royalties, while reporting record collaboration activity, a lower share count, and strong adoption across key products such as PHESGO, OCREVUS, OPDIVO, and RYBREVANT. Additional upside comes from a strengthening Merck legal position in Europe, which could lead to meaningful royalty economics and reinforce Halozyme’s competitive standing against alternative subcutaneous delivery technologies.

Bear case

Halozyme Therapeutics is weighed down by a concentrated patent and litigation overhang, especially the ongoing Merck dispute over ENHANZE and EP622, where Europe has seen mixed outcomes and U.S. infringement remains undecided. The negative view is reinforced by the company’s reliance on partners and external commercialization, since clinical, regulatory, and competitive setbacks in partner programs could quickly impair royalty growth and reduce the durability of its platform economics. Although FY26 revenue is modeled at $1.89B and royalties at $1.23B, the need for higher investment behind Hypercon and Surf Bio, plus balance sheet and IP risks, leaves execution and valuation vulnerable.

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