On August 7, Halozyme Therapeutics surged 16.87% in regular trading, reaching $100.185 per share, with turnover of $380 million. The rally was driven by a blowout Q2 earnings report and significant full-year guidance increase.
The company reported Q2 adjusted EPS of $2.28, beating the analyst consensus estimate of $1.84 by approximately 24%, representing a 48% year-over-year increase. Revenue came in at $481 million, surpassing the $407 million estimate by roughly 19%, up 47.7% year-over-year. Growth was primarily driven by continued royalty expansion from the ENHANZE technology platform.
Halozyme also raised full-year guidance to adjusted EPS of $8.65-$9.00 on revenue of $1.835-$1.91 billion, well above the prior outlook of $7.75-$8.25 EPS on $1.71-$1.81 billion revenue, and significantly exceeding consensus estimates of $7.94 EPS on $1.77 billion revenue.
Following the results, Leerink Partners upgraded the stock to Outperform with a target price raised from $83 to $110, while Morgan Stanley lifted its target from $93 to $105, maintaining an Overweight rating.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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