H.C. Wainwright has reaffirmed its Buy rating on Halozyme Therapeutics (NASDAQ: HALO) and kept a 12-month price target of $90 per share, according to a research note published Thursday. The research firm adjusted its forward estimates to reflect Halozyme's recently updated guidance.
Halozyme raised its full-year FY25 total revenue guidance to a range of $1.385 billion to $1.40 billion, above its earlier forecast. The company attributed this upward revision to upfront milestone payments from Merus and Takeda, which were signed in December 2025, together with stronger product sales. Over the trailing twelve months Halozyme reported revenue growth of 31.19%, generating $1.24 billion in revenue during that period.
In addition to the broader revenue increase, Halozyme narrowed its FY25 royalty revenue guidance to $865 million to $870 million, down from a prior range of $850 million to $880 million. H.C. Wainwright noted that the tightened royalty range reflects improved visibility into expected royalties rather than signaling a change in underlying demand assumptions.
The research note emphasized January business development activity as an important factor for investors, saying recent deals removed a key concern about the long-term viability of partnerships built around Halozyme's ENHANZE platform. The firm described the combined effect of the raised revenue guidance, clearer royalty visibility, and continued deal momentum as reinforcing ENHANZE's position as a "durable, non-commodity platform."
H.C. Wainwright left its 12-month price target unchanged at $90 while updating its estimates to align with Halozyme's new guidance ranges.
Separately, Halozyme issued revenue guidance for the coming years, projecting $1.71 billion to $1.81 billion for 2026, $1.92 billion to $2.05 billion for 2027, and $2.05 billion to $2.17 billion for 2028. Those multi-year figures were noted as exceeding consensus estimates and tracking closely with projections from Goldman Sachs, except for 2028 where Goldman Sachs' estimate is slightly higher. Goldman Sachs has maintained a Sell rating on Halozyme with a $58 price target.
Corporate developments tied to ENHANZE featured in the update. Halozyme entered a global collaboration and exclusive license agreement with Takeda for use of its ENHANZE drug delivery technology with vedolizumab. The company also signed a non-exclusive global collaboration with Skye Bioscience to develop a subcutaneous formulation of the obesity drug nimacimab, allowing Skye to use ENHANZE to evaluate higher dose levels.
On the regulatory front, the FDA approved Halozyme's RYBREVANT FASPRO for the treatment of EGFR-mutated non-small cell lung cancer. That approval was highlighted as the first subcutaneously administered targeted therapy for this indication to incorporate ENHANZE technology.
The combination of upgraded near-term revenue guidance, tightened royalty estimates, continued collaboration activity, and regulatory progress formed the backbone of H.C. Wainwright's maintained positive stance on the stock.