[ad_1]
Pgiam/iStock via Getty Images
Wells Fargo launched its coverage on Halozyme (NASDAQ:HALO) on Monday with an Overweight recommendation ruling out concerns on an upcoming patent cliff and citing the company’s potential to form partnerships.
The analysts led by Mohit Bansal, with a $65 per share target on the stock, noted that Halozyme (HALO) is a “profitable, high-growth company with earnings power to grow at 21% CAGR through the end of the decade.”
Arguing that investors have “overly focused on 2027 IP concerns,” the team cites an analysis to suggest that Halozyme (HALO) will keep IP protection for multiple products/ pipelines until mid-2030.
Noting that the company is on track to launch several products from now till the end of the decade, the analysts highlight the its growth prospects beyond 2030.
“HALO will likely remain Big Biopharma’s partner of choice post-2027 as well due to its proven track record of safety and established regulatory pathway lowering development risk,” the team wrote, citing the multiple myeloma therapy Darzalex.
A partnership between Janssen Biotech of Johnson & Johnson (JNJ) and Danish biotech Genmab A/S (GMAB), Darzalex is based on Halozyme’s (HALO) Enhanze drug delivery technology.
[ad_2]