State of Michigan Retirement System Reduces Position in Halozyme Therapeutics, Inc. (NASDAQ:HALO)

State of Michigan Retirement System trimmed its holdings in shares of Halozyme Therapeutics, Inc. (NASDAQ:HALO) by 5.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,638 shares of the biopharmaceutical company’s stock after selling 1,800 shares during the quarter. State of Michigan Retirement System’s holdings in Halozyme Therapeutics were worth $1,604,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. TD Asset Management Inc increased its holdings in Halozyme Therapeutics by 517.0% in the fourth quarter. TD Asset Management Inc now owns 1,983,916 shares of the biopharmaceutical company’s stock valued at $73,326,000 after buying an additional 1,662,390 shares during the last quarter. Norges Bank bought a new stake in Halozyme Therapeutics in the fourth quarter valued at about $44,935,000. Epoch Investment Partners Inc. increased its holdings in Halozyme Therapeutics by 250.5% in the fourth quarter. Epoch Investment Partners Inc. now owns 1,163,033 shares of the biopharmaceutical company’s stock valued at $42,986,000 after buying an additional 831,199 shares during the last quarter. Boston Partners increased its holdings in Halozyme Therapeutics by 562.2% in the fourth quarter. Boston Partners now owns 552,392 shares of the biopharmaceutical company’s stock valued at $20,218,000 after buying an additional 468,977 shares during the last quarter. Finally, LSV Asset Management bought a new stake in Halozyme Therapeutics in the fourth quarter valued at about $17,090,000. 97.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HALO has been the subject of a number of research reports. TD Cowen lifted their target price on Halozyme Therapeutics from $59.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Benchmark restated a “buy” rating and issued a $60.00 target price on shares of Halozyme Therapeutics in a research note on Thursday, August 8th. Morgan Stanley lifted their target price on Halozyme Therapeutics from $59.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on Halozyme Therapeutics from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Finally, JMP Securities decreased their target price on Halozyme Therapeutics from $72.00 to $71.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $59.44.

Insiders Place Their Bets

In other Halozyme Therapeutics news, SVP Michael J. Labarre sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $61.75, for a total value of $617,500.00. Following the completion of the sale, the senior vice president now directly owns 168,176 shares in the company, valued at $10,384,868. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Halozyme Therapeutics news, SVP Michael J. Labarre sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $61.75, for a total value of $617,500.00. Following the completion of the sale, the senior vice president now directly owns 168,176 shares in the company, valued at $10,384,868. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew L. Posard sold 9,881 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $57.70, for a total value of $570,133.70. Following the completion of the sale, the director now owns 69,874 shares of the company’s stock, valued at $4,031,729.80. The disclosure for this sale can be found here. Insiders sold 64,881 shares of company stock worth $3,585,084 over the last ninety days. Company insiders own 2.40% of the company’s stock.

Halozyme Therapeutics Stock Performance

Shares of NASDAQ HALO opened at $64.42 on Thursday. The company has a current ratio of 6.64, a quick ratio of 5.36 and a debt-to-equity ratio of 8.44. The stock has a 50 day simple moving average of $55.29 and a 200-day simple moving average of $46.47. The company has a market cap of $8.20 billion, a PE ratio of 26.62, a P/E/G ratio of 0.56 and a beta of 1.27. Halozyme Therapeutics, Inc. has a 12-month low of $32.83 and a 12-month high of $65.00.

Halozyme Therapeutics (NASDAQ:HALO) last issued its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.18. The business had revenue of $231.40 million during the quarter, compared to the consensus estimate of $204.94 million. Halozyme Therapeutics had a return on equity of 225.71% and a net margin of 36.94%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 earnings per share. On average, equities research analysts forecast that Halozyme Therapeutics, Inc. will post 3.66 EPS for the current year.

About Halozyme Therapeutics

Halozyme Therapeutics, Inc, a biopharma technology platform company, researches, develops, and commercializes proprietary enzymes and devices in the United States, Switzerland, Belgium, Japan, and internationally. The company's products are based on the patented recombinant human hyaluronidase enzyme (rHuPH20) that enables delivery of injectable biologics, such as monoclonal antibodies and other therapeutic molecules, as well as small molecules and fluids.