H.C. Wainwright lifts HALO price target after J&J’s Darzalex Faspro combo reduces death risk by 53% in myeloma trial.
H.C. Wainwright analyst Mitchell Kapoor reiterated a Buy rating on Halozyme Therapeutics (NASDAQ:HALO) and raised the price target to $95. The adjustment follows positive late-stage trial results for Johnson & Johnson’s Darzalex Faspro, which uses Halozyme’s ENHANZE technology.
The trial showed the drug combination reduced the risk of death by 53% and the risk of cancer progression or death by 72% compared to standard treatment. At 24 months, 89% of patients were alive versus 79% on standard care. HALO shares have risen 46% over the past 12 months.
Darzalex Faspro is a front-line therapy for multiple myeloma, and its continued adoption could drive further growth for Halozyme. The company develops proprietary enzymes and devices for pharmaceutical applications.