HALO
JNJ
TWST
VRTX
WST
Still in the bull camp
TD Cowen is basically saying, “Don’t blink yet” on Halozyme. The firm reiterated its Buy rating and slapped a $96 price target on the stock, which is a pretty loud vote of confidence for a name that’s already gotten plenty of attention from growth investors.
Why the Street is watching royalty growth
The big idea here is Halozyme’s royalty stream. TD Cowen said the company should keep beating estimates and raising guidance thanks to momentum from Vyvgart Hytrulo, Darzalex Faspro, and Phesgo. That matters because royalty businesses can be deliciously boring in the best way: once the machines are humming, every extra prescription looks like another brick in the wall.
A key detail: the firm said Halozyme started disclosing the royalty contribution from those three drugs last quarter, and Vyvgart Hytrulo appears to be a bigger contributor than investors previously thought. Translation: the near-term growth story may have a little more cushion than the market gave it credit for.
The long game is still the debate
TD Cowen also pointed to investor questions about what happens beyond 2028. That’s the classic Wall Street move: today’s growth is nice, but everyone wants to know whether the story still works when the calendar flips to the next decade.
- TD Cowen named Halozyme one of its top picks
- The firm also highlighted a sensitivity analysis out to 2030 and beyond
- The setup suggests the market is still treating Halozyme like a “show me” story, not a fully finished one
Big picture: Halozyme’s latest rally driver isn’t a flashy product launch or a one-time windfall. It’s the slower, steadier kind of catalyst investors like to underestimate until the royalty checks keep stacking up.