Halozyme Therapeutics shares are trading lower after HC Wainwright and Goldman Sachs lowered their respective price targets on the stock. The company announced that argenx received approval in Japan for VYVDURA injection co-formulated with ENHANZE.
Portfolio Pulse from Benzinga Newsdesk
Halozyme Therapeutics' stock price is trading lower following price target reductions by HC Wainwright and Goldman Sachs. Despite the news that argenx received approval in Japan for VYVDURA injection, which is co-formulated with Halozyme's ENHANZE technology, the lowered price targets have negatively impacted investor sentiment.
January 18, 2024 | 4:28 pm
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Halozyme Therapeutics' shares are down after analysts at HC Wainwright and Goldman Sachs lowered their price targets on the stock, overshadowing the positive news of argenx's approval in Japan for a product using Halozyme's technology.
The reduction in price targets by respected analysts such as HC Wainwright and Goldman Sachs suggests a bearish outlook on the stock, which can lead to a decrease in investor confidence and a short-term negative impact on the stock price. Although the approval of VYVDURA in Japan is positive, the immediate market reaction is likely to be influenced more by the analyst downgrades.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90