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HALO

Halozyme

$15.55

0.25 (1.63%)

07:08
11/04/19
11/04
07:08
11/04/19
07:08

Halozyme announces restructuring, to reduce headcount approximately 55%

Halozyme Therapeutics announced strategic actions to reposition the company with a focus solely on its ENHANZE drug delivery technology. In order to implement this strategic shift, Halozyme will immediately initiate an organizational restructuring to halt development activities for PEGPH20 and close its oncology operations. As a result, Halozyme expects the following: Headcount will be reduced by approximately 55%, or approximately 160 positions, with over 80% of the reduction completed in early January 2020. Restructuring and other cost saving efforts will result in savings of $130M-$140M in 2020 compared with the company's most recent guidance for 2019 operating expenses excluding cost of goods sold. Upon completion of the restructuring and after booking all related one-time charges, Halozyme anticipates becoming a sustainably profitable company beginning in the second quarter of 2020. Projected annualized operating expenses excluding cost of goods sold of between $65M-$75M will be achieved by the fourth quarter of 2020. The company expects to book separation and contract termination fees in the fourth quarter and will provide further details during its third quarter financial results webcast and conference call on Tuesday, November 12. The go-forward organization will comprise approximately 120 employees focused on driving the continued growth of ENHANZE, specifically in areas that are critical to supporting partners such as manufacturing, quality, regulatory and product development. An additional 12 employees will continue promoting the company's commercial drug Hylenex. The company's ENHANZE business continues to grow with three commercial products and 11 products currently in clinical trials. Halozyme will provide a more detailed update for its ENHANZE business during its third quarter financial results webcast and conference call. Halozyme's Board of Directors has also authorized the initiation of a capital return program to repurchase up to $350M of the company's outstanding common stock over the next three years. The timing of share repurchases and the number of shares of common stock that are repurchased will depend on market conditions and other factors. Repurchases may be commenced or suspended at any time or from time-to-time at the company's discretion without prior notice. Repurchases may be made through both public market and private transactions. The Board will regularly review this capital return policy in connection with a balanced capital allocation strategy.

  • 12

    Nov

HALO Halozyme
$15.55

0.25 (1.63%)

01/11/19
WELS
01/11/19
NO CHANGE
WELS
Outperform
Halozyme undervalued relative to 'de -risked' assets, says Wells Fargo
Wells Fargo analyst Jim Birchenough reiterates an Overweight rating on Halozyme Therapeutics following this week's update and 2019 outlook. The analyst continues to view the company as undervalued relative to its "highly de -risked" lead Enhanze assets. He sees "significant option value" to the broader Enhanze opportunity and PEGPH20 data.
02/05/19
PIPR
02/05/19
NO CHANGE
Target $161
PIPR
Overweight
Piper says argenx cusatuzumab study could enable registration if responses hold
Piper Jaffray analyst Edward Tenthoff reiterated an Overweight rating and $161 price target on argenx (ARGX) after the company announced a collaboration agreement with Halozyme (HALO). In a research note to investors, Tenthoff says that an ongoing Phase II study of cusatuzumab, which was licensed to Janssen (JNJ) after demonstrating a 92% response rate in AML at ASH, could enable registration if responses hold. The company will host an R&D Day in NYC on May 16 to introduce ARGX-117 and also expects the company will introduce ARGX-118.
07/01/19
CANT
07/01/19
NO CHANGE
Target $27
CANT
Overweight
Halozyme price target raised to $27 from $24 at Cantor Fitzgerald
Cantor Fitzgerald analyst Charles Duncan raised his price target for Halozyme Therapeutics to $27 from $24 after including potential future royalty revenues from Enhanze-enhanced drugs developed by partner companies. The analyst continues to view the approval and launch of the Enhanze-based products as "fueling sustainable revenue growth" through 2027, with the Darzalex program as the near-term driver. He sees "notable potential" share upside "almost irrespective" of the outcome of the HALO-301 Phase trial in pancreatic cancer later in 2019. Duncan reiterates an Overweight rating on Halozyme.
09/11/19
CANT
09/11/19
NO CHANGE
CANT
Overweight
Halozyme offers 'low-risk/high-reward' event in Q4, says Cantor Fitzgerald
Cantor Fitzgerald analyst Charles Duncan reiterates an Overweight rating on shares of Halozyme Therapeutics after a meeting with the company's CEO left him believing that a "clear read" will be seen with the HALO-301 trial in pancreatic cancer later in 2019. However, the analyst continues to see Halozyme share upside "almost irrespective" of the outcome of the Phase 3 trial in Q4. Investors appreciate the high risk in pancreatic cancer, says Duncan, who sees low expectations for Phase 3 success being priced into the current share price. The company's "growing" Enhanze franchise is the major driver of share value going forward post the HALO-301 readout, Duncan contends. He likes the design and rationale of the study, and therefore sees it as a "low-risk/high-reward" binary event.

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