Halozyme Therapeutics Inc’s shares reached a record $104.86 on Tuesday, extending gains that have pushed the company’s market value to $11.88 billion. The rally follows a second-quarter earnings report that exceeded analyst forecasts, driving upgrades from multiple brokerages.
The San Diego-based biotech reported non-GAAP earnings per share of $2.28, surpassing the $1.81 estimate compiled by Refinitiv. Revenue totaled $481 million, well above the $401.27 million expected. The company attributed the performance to record royalty revenue and robust growth in several partnered therapies, prompting an upward revision to its full-year guidance.
Citizens raised its price target on Halozyme shares to $93, while H.C. Wainwright maintained a Buy rating with a $115 target. The stock has gained nearly 41% over the past six months and 53% year-to-date, following a 49.33% advance over the prior 12 months.
H.C. Wainwright also highlighted positive Phase 3 trial results for Argenx’s VYVGART Hytrulo, which met its primary endpoint. Three analysts have revised their earnings estimates higher for the upcoming period, according to InvestingPro data.
Halozyme’s shares last traded at $104.93, just shy of the all-time intraday peak reached earlier in the session.
