SAN DIEGO – Halozyme (NASDAQ:HALO) Therapeutics, Inc. (NASDAQ:HALO), a biopharmaceutical company, reported that its Senior Vice President and Chief Technical Officer, Michael J. LaBarre, sold shares in the company. According to the latest SEC filings, LaBarre sold 10,000 shares of common stock on June 18, 2024, at weighted average prices ranging from $49.00 to $49.74, netting a total of $494,260 from the sale.
The transaction was carried out under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. This plan had been adopted by LaBarre on March 9, 2023.
On the same day, LaBarre also exercised options to purchase 10,000 shares of Halozyme Therapeutics common stock at a price of $8.11 per share, investing a total of $81,100. The options were part of a grant made on February 3, 2016, which vested over time, and are set to expire on February 3, 2026.
Following these transactions, LaBarre's ownership in the company stands at 168,176 shares of common stock directly held, as per the post-transaction amounts reported.
Investors often monitor insider transactions as they can provide insights into the company's performance and executives' perspectives on the stock's value. Halozyme Therapeutics, Inc. focuses on developing and commercializing novel oncology therapies and has been a subject of interest among investors in the biotechnology sector.
The company's shares are publicly traded on the NASDAQ Stock Market under the ticker symbol HALO.
In other recent news, Halozyme Therapeutics has made notable strides in its operations. The firm has secured a new European Union patent for its ENHANZE technology, extending its protection until March 6, 2029. This development particularly benefits the intellectual property rights of DARZALEX SC, a treatment for multiple myeloma, in the EU market. In addition, the U.S. Food and Drug Administration has set a new review date for Halozyme's Biologics License Application of a subcutaneous formulation of Opdivo, co-formulated with ENHANZE technology, for December 29, 2024.
Halozyme has also seen significant analyst actions. H.C. Wainwright increased its price target for Halozyme shares to $65 from $50, maintaining a Buy rating. Wells Fargo (NYSE:WFC) also raised its price target to $58, retaining an Overweight rating on the company. However, Piper Sandler downgraded the stock from Overweight to Neutral while raising its price target to $51.
On the financial front, Halozyme reported strong Q1 results, with a 15% year-over-year royalty growth for the 15th consecutive quarter. The company projects a 10-19% increase in total revenue for the year, amounting to between $915 million and $985 million. EBITDA is anticipated to grow by 26-37%, reaching $535 million to $585 million, while non-GAAP EPS growth is forecasted at 28-41%, resulting in $3.55 to $3.90 per share. Lastly, Halozyme announced a new $750 million share repurchase program.
InvestingPro Insights
Halozyme Therapeutics, Inc. (NASDAQ:HALO) has caught the attention of the market with a notable insider transaction and its recent performance metrics. According to InvestingPro data, the company boasts a healthy market capitalization of $6.48 billion, reflecting investor confidence in the company's prospects. The data also reveals an impressive Price/Earnings (P/E) ratio of 20.76, which, when adjusted for the last twelve months as of Q1 2024, slightly increases to 21.4. This valuation metric is especially interesting when paired with the company's PEG Ratio of 0.23 during the same period, indicating potential undervaluation relative to its earnings growth.
InvestingPro Tips highlight that Halozyme has been trading at a high Price/Book multiple of 36.36, which may suggest a premium on its net asset value. Furthermore, the company's liquid assets have been reported to exceed short-term obligations, providing it with a comfortable liquidity cushion. With a strong return over the last three months, evidenced by a 24.49% price total return, and a 45.42% return over the past year, the company is demonstrating robust growth potential.
Investors considering Halozyme Therapeutics can explore additional InvestingPro Tips, which include insights such as management's aggressive share buyback strategy, and the fact that 4 analysts have revised their earnings upwards for the upcoming period. These insights, along with 13 other curated tips, are available to help investors make more informed decisions. For those looking to delve deeper into Halozyme's financial health and future prospects, they can take advantage of an exclusive offer using coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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