Halozyme Therapeutics Incorporated (HALO) Quote

Agree there are some good things happening and more can be expected.

Now if only Merck and Alteogen would stop trying to develop a competing hyaluronidase. The prospect of a competing product coming to market in the near future undoubtedly makes it harder for Helen to close deals with prospective collaboration partners. It also seems to raise the possibility of a patent infringement lawsuit if Halozyme tries to protect itself.

Here (between the rows of asterisks) is the text that Google AI generated when I entered the prompt "Merck Alteogen hyaluronidase." Not sure how much of this is accurate.

***********************************************

AI Overview

Merck and Alteogen are developing a subcutaneous (SC) administration technology for biologics that uses Alteogen's hyaluronidase enzyme and Merck's Keytruda product line:
Technology
Alteogen's Hybrozyme technology creates a recombinant human hyaluronidase enzyme that allows large volumes of drugs to be administered subcutaneously instead of intravenously. The enzyme is similar to the one that sperm use to dissolve the layers around an egg.
Partnership
Merck and Alteogen have a non-exclusive licensing agreement that allows Alteogen to supply Merck with its hyaluronidase enzyme. Merck has exclusive license rights for the Keytruda product line, while other development items are subject to the original contract. The deal could be worth over $3.8 billion.
Progress
Merck is focusing on SC Keytruda, and data from a phase 3 study of MK-3475A, a co-formulation with Alteogen's hyaluronidase technology, is expected this year.
Alteogen also has an agreement with Sandoz to use Alteogen's hyaluronidase to develop and commercialize a subcutaneous version of a Sandoz biosimilar product.

********************************************

-- OJ

With TD Coen’s correct characterization of JPM’s opinion as an “overreaction,” don’t be surprised if we find ourselves back north of $60 in short order.

Additionally, once the market pays attention to the clues/bread crumbs in Roche’s presentation, we will hit new all time highs.

Clues that Roche is working with Halozyme on high volume autoinjector from slide 65 (see link below):

1) “Increased focus on drug delivery devices. Significant investments in device development excellence will be critical to support our future portfolio”

2) “High Volume Auto injector”

3) “~60% current pipeline will launch with a device”

How do I know this is not the slow wearable large volume autoinjector that one of the posters here has referred to? The answer is right there on the same slide from Roche. Roche refers to those as a separate and distinct category on the very same slide as “on-body injectors.”

Sometimes, Mr. Market misses the clues that are right in front of his eyes!

https://assets.roche.com/f/176343/x/f513f69de2/pharma_day_20240930_final_online_v02.pdf

…. And one more thing we have 3 catalysts before year end:

- US patent extension approval
- 3rd quarter earnings
- Opdivo SC FDA PDUFA in December.

agree with this analysis

thx

Yepper....

Made note of the gap couple days ago, but not being part of the click here.....oh well.....put in buy order at $46....will see what happens.....it is just amazing how often those gaps gets closed....

Excellent deduction....

Pointed out months ago Merck was funding the development of a competition to Enhanze, called Hybrozyme or ALT-B4 . Been following the patent filings from both Merck and Alteogen and they have a number of patent filings related to to Hybrozyme. They have been making progress............But the main posters here refuse to except Enhanze has competition, and have been shoved aside as a pest.......awhhhh......good luck.....but the competition SP is winning....

https://finance.yahoo.com/quote/196170.KQ/

old Feb 2024 article.....they are making a lot more now....

"Merck Deal Boosts Founder Of Little-Known Korean Biotech Company Into Billionaire Ranks"

"Based in Daejeon, south of Seoul, Alteogen focuses on biosimilars, which are cheaper versions of brand-name drugs made from living cells, and bio-betters, an improved (safer and more effective) version of existing drugs. In recent years, Alteogen has been making more money from ALT-B4, a technology that allows drugs to be administered subcutaneously (into the fatty layer of skin cells) instead of intravenously (into the veins). ALT-B4 accounted for almost 90% of Alteogen’s $55.7 million third-quarter revenues, up from 26% for the whole of 2022."

Nice article!!! That’s the difference between an analyst for a huge bank and someone who actually knows the company. Well written and well thought out.

Thanks for posting that.

TD Cowen maintained a positive stance on Halozyme (NASDAQ:HALO) Therapeutics (NASDAQ:HALO), reiterating a Buy rating with a $70.00 price target. The firm addressed recent concerns regarding the potential decrease in royalties for Vyvgart, stating that worries are overstated.

https://www.investing.com/news/company-news/halozyme-holds-buy-rating-with-steady-target-amid-royalty-concerns-93CH-3657752

Have these last couple downgrades been orchestrated to potentially close the gap around $46 which is conveniently the 200ma, and to let those firms that have missed the recent run-up another chance to get in? My next buys will be in the gap area if they take it there. Long and healthily in the green. Go HALO - tune out the doubters and naysayers!

Bright future in HALO land! beyond this temporary setback

Consensus 2024 EPS estimate (including JPM’s) for for halo is north of $4.

Ask yourself what is an appropriate PE for a high margin, high growth company like halo and apply multiple 4 by that PE. The number you come up with might guide you where halo should be by year end.

PE of 15, will give you $60
PE of 20, will give you $80
PE of 25, will give you $100

Just for a reference and to compare halozyme with its own historical pattern, halo is trading at a 2023 PE ratio of 20 (see link below). So even if we stick with halo’s own historical valuations, as earning go up, even if we keep the PE ratio the same, share price will go up.

My sense is PE of 20 is reasonable. $80 should be around the corner.

https://www.nasdaq.com/market-activity/stocks/halo/price-earnings-peg-ratios

Interesting thought. It might work but the loss of pricing power must be made up in volume of partnerships. She hasn't yet shown that she can pull that last part off.

I think Merck started & is funding the S. Korea Co. to try & develop a HALO alternative sub Q... hoping to make any patent dispute more impossible to fight. (MY opinion, having seen huge companies fight these disputes forever. Example GOOGLE)
It just has a bad taste. Merck came to HALO early & got test samples. Sure got a head start to copying. (MY opinion)

That is a clever and plausible strategy. I like your thinking. Thanks for the post.

I always thought Helen to be a very strategic thinker in her management of Halozyme as her pivot from Pancreatic cancer to sub q proved many years ago. I am not here to defend or ridicule the management. What I am wondering is it possible Helen is thinking long term down the road. Tying this deal to Vision 2030 for Argenex, tells the industry that this is going to be the standard going forward for getting deals done using a form of Enhanze, wether it is ours or someone else's after the patent expiration.

Maybe this is another barrier to entry. If the margins are less, maybe less interest in going after us and the market we have created. Just like the comments on bio-similars not going sub q because the effort to get approvals is not worth the money it could generate. There is a lot of ideas out there and only so much capital to bring them to market. Helen just might have stopped the flow of money into companies poised to be our competition.

Yes Merck has a Korean sub Q that they are hoping to keep their advantage with Keytruda a float. A billion dollar drug who will not be able to be administered sub q for another year if it gets approved but, even then we could fight it in court if it has infringed on our patent which could hold till 2027 or 2029. Very limited opportunities out there to join the fray and compete against us.

Not him. I haven't looked at the Yahoo forum in many years.

I’m glad you’re usually wrong. Are you the same person as BONKEN on the Yahoo forum? He was the worst at forecasting the stock price.

Fred’s prediction of mid $40s is not wrong just because he’s bad at forecasting price but more importantly because we’re now at a 2024 PE of 13 which is absurdly low for company with such high profit margins and high EPS growth between now and 2029.

https://www.nasdaq.com/market-activity/stocks/halo/price-earnings-peg-ratios

I think we’re done with sell off. Don’t think we’ll see 60 for a while but this was way overdone just like the rise was way overdone. Hoping to settle in mid 50’s. Don’t forget about cash flow and earnings. Those are real.

Certainly NOT a "moderator!"

This is exactly why I say you are a permabear.

Folks, remember this post by Fred. Because later when we go up to new highs, he will claim he has been long the whole time. He did the same when we were in low 30’s as well as in teens.

Now on deck: Mid $40's here we go.....

Exactly, past 3 years... the company could be heavily vested in copper mining very successfully at that. Please, keep comments within the confines of an octopi lifespan.

I hope you recognize that in your post you are addressing concerns relevant 1930’s
and 40’s. If you go out that far, every drug and drug platform is at risk of patent expiration and biosimilar competition. Halozyme is no different. This is definitely not a ding against any company in biopharma or elsewhere.

Do you think people worry about NVIDIA keeping it’s lead against all other chip makers 10 years from now and ignore its absolutely amazing EPS growth now and within the next few years just because they are scared on 2030’s?!!!

This is nonsensical scare tactics because the permabears have run out of legitimate worries/concerns.

No, I just read the excerpt that you posted, unless you included the link there, and I just didn’t read it.

Let's hope we don't get any future deals like the last one!!!

This is the crux of the problem:
"Through our follow-up with HALO, we note that this royalty arrangement extends to Vyvgart Hytrulo, on which we previously expected HALO to earn a mid-single-digit royalty into the early 2040s without a step-down, assuming co-formulation IP."

If you look at the chart on page 20 of Halo's June presentation, you will see that Halo will stop receiving royalties from Herceptin, Mabthera, Phesgo and HyQvia in 2030, Darzalex SC in 2032, Ocrevus in 2035, though Darzalex SC has a reduced royalty rate starting from 2027 or 2029 and Ocrevus from 2030.

What was highly reassuring to investors was that Tecentriq SC and Vyvgart especially were expected to have a mid-single-digit royalty until 2040 and the early 2040s for Vyvgart.

Vyvgart is expected to become a huge drug, with some peak sales estimates of 11B and even higher.

'"The analysts stuck by their thesis that the products remain well positioned to hit peak sales of $11 billion in 2035—an estimate that accounts for future indications like CIDP, too.

Aside from the opportunities in gMG and CIDP, argenx also aims to broaden Vyvgart’s reach with the introduction of a prefilled syringe."

https://www.fiercepharma.com/pharma/argenx-shrugs-myasthenia-gravis-threat-ucb-it-paves-way-vyvgarts-next-potential-launch#:~:text=The%20analysts%20stuck%20by%20their,introduction%20of%20a%20prefilled%20syringe.

"$9 billion by 2033: Morningstar analysts estimate that Vyvgart sales could reach $9 billion by 2033. This estimate is based on the expectation that new launches and increased penetration into the myasthenia gravis market will lead to higher sales."

Let's be conservative and keep it simple. Let's say that Halo will lose on average 2% of $5B (it could be significantly worse), starting in 2029 for about 12 years. That is a loss of $1.2B. Because of this new deal and to quote JPM again: "Given the nuances of this deal, we are incrementally more cautious on the economics HALO may be able to derive from new partnerships since we see this one as reinforcing the likelihood of stepped-down rates beyond 2029, despite coformulation IP.", growth beyond 2029 has become highly uncertain. These are the reasons for the selloff imho.

Great summary. Well said. Do you have access/link to the Artisan Partners’ latest opinion on halo? Thanks :)

I think I go with the posts by biotechinvestor, howee, and oncojock. Their posts make the most sense and show why the analysts don’t really understand this company, or are just playing games. With the projected growth of this company (without any new deals), anyone who understands real investing (like the institutions that own most of HALO’s stock), looks at the fundamentals of HALO, would want to take a position. With the Medicare ruling, the patent ruling and all the drug approvals, this company is doing great. As for new deals, I would rather listen to Artisan Partners (5th largest shareholder) than the analysts when they say that based on discussions management is having with biotechs, they believe deals will be completed this year.

We just got a new deal last week. You will likely say there will be no future deals after the next one too and the one after that!

HALO has two fundamental problems, notwithstanding the now utterly exposed crass mendacity of the CEO,
One is that future deals will add less to the bottom line than previously thought;
Two is that there are no future deals to speak of and one can't believe Helen's assertions that we will see any more.

By JP Morgan’s own analysis and admission, the terms of the new contract do not affect the EPS growth between now and 2029. It only affects earnings after 2029.

Your analysis is fundamentally wrong because it ignores all of the EPS growth between now and 2029. Even after 2029, there will be EPS growth just at a slower pace (assuming no other new deals or innovations by halo)

No one, including Helen, ever claimed that there will be no competition FOREVER. No technology in the history of mankind has been without competition forever.

That is why I think the high volume auto injector is a true innovation and so is the new folmulation of RHUpH20 with better stability and increased efficacy (I already shared the link for this newly issued halozyme patent). Halozyme will be able to charge more for HVAI and newer hyaluronidase.

As I recently said, CEOs will lie to you right to your face. Helen is no exception. Defining mid-single digit royalties as 3-7% is an outright fraud. The norm that any reasonable person would expect is 4-6%.

Unfortunately, you are correct. But the real problem of course is with the terms of the "new" deal and the lack of transparency (the magnitude of the reduced royalty rate and the timing were not disclosed, etc.) in Halo's press release. It just created a lot of uncertainty and mistrust of Halo's management imho. The truth of the matter is that Halo's new partnerships have been not only fewer and fewer in the past several years but also the terms of their agreements have become progressively worse for Halo. In 2017, Halo got $30M upfront from Roche for just one target, plus potentially $160M in milestone payments, it also signed a huge deal with BMY, less money per target but the same $160M in potential milestone payments; in 2019, Halo signed their first deal with Argenx: 3 targets for $10M per target plus $160M of potential milestone payments; the last deal is : $7.5M per target plus $85M (!!!), therefore practically half of what they used to get, in potential milestone payments per target.

All in all, this last deal has exposed Helen as self-deluded or an outright liar. Why in the world would you accept such terms if what you've been telling us for years, "we are the only game in town", "demand has never been stronger", "we have no competition" were true?

I have to say that I haven't sold any shares and I feel like a complete idiot. I was aware of all this and did not act.

From Jessica Fye at JPM:
"Following the announcement of HALO’s expanded partnership with ARGX we have received multiple questions from investors and are updating our model in an effort to reflect the nuances of the deal. Most of the questions we received centered on how to interpret the language in HALO’s press release stating that “the royalty rate for all products under the agreement is a tiered mid-single-digit rate based on annual net sales until expiration of Halozyme’s Enhanze related patents, when the rate will be reduced in one or more steps.” We have confirmed with the company that Vyvgart Hytrulo royalties are changing under this agreement. Recall that prior to this, HALO had guided to Hytrulo having a mid-single-digit royalty rate into the early 2040s, assuming coformulation IP. We had the chance to catch up with HALO again and the company clarified the following: 1) HALO’s definition of mid-single digits is 3-7%, and 2) while Hytrulo’s royalty will step down post Enhanze LOE, the royalty rate will still fall within this range for 10 years from the drug’s launch. It also clarified that when a partner selects a target, the partnership extends to line-extensions/life-cycle products utilizing the same target. Given the nuances of this deal, we are incrementally more cautious on the economics HALO may be able to derive from new partnerships since we see this one as reinforcing the likelihood of stepped-down rates beyond 2029, despite coformulation IP. Catching up with the company, management still remain very confident in their expectation for coformulation IP for Hytrulo. After adjusting our model to reflect a step-down for Vyvgart in 2029 and again after the first 10 years, our new Dec 2025 PT is $54 (prior $57).
Updates to model. We now assume Vyvgart Hytrulo’s royalty rate will step down to 3% (from prior JPMe rate of 5%) in 2029, and then again to 2% after 10 years on the market. This change to Hytrulo represents roughly a $2.50/share headwind relative to our prior valuation. Our model also reflects a basket of royalty revenue for products that are not explicitly broken out that is $250mm un-risk-adjusted in 2035 (the year we take our terminal off of). We previously had thought of the $250mm royalty basket as representing a collection of products with ~$5bn in end-market sales assuming ~5% royalties. However, we now think it’s reasonable to expect an average royalty rate at that time closer to 3%, which would mean that more like $8bn of end-market sales would be required to deliver this royalty revenue. Along these lines, we are leaving that contribution unchanged despite new targets in the ARGX deal."

It doesn’t justify drop. Like I said flippers ran it up and then right back down. This stock can’t handle retail activity because of low float.

I read the full JPM analysis (if you can call it that) which was issued yesterday.

Here is the bottomline from their opinion:

“Updates to model. We now assume Vyvgart Hytrulo’s royalty rate will step
down to 3% (from prior JPMe rate of 5%) in 2029, and then again to 2% after
10 years on the market. This change to Hytrulo represents roughly a $2.50/
share headwind relative to our prior valuation.”

$2.5/share headwind!!!! Does that justify the 25% decline in share price over the past 6 weeks?

JPM thinks that at $54, Halo is “fully valued.” Then in the very same report JPM shares the following stat for HALO:

“Key Metrics

Adj. EPS
FY24E 4.04
FY25E 4.60
FY26E 5.95

EBITDA margin
FY24E 65.3%
FY25E 67.1%
FY26E 70.3%

Adj. EPS growth
FY24E 45.6%
FY25E 14.0%
FY26E 29.2%

Adj. P/E
FY24E 13.4
FY25E 11.8
FY26E 9.1”

It is ridiculous to opine with that these outstanding fundamentals (a 2024 PE of 13 and 2025 PE of 11 by JPM’s own estimates) is “fully valued.” Most sensible investors would consider these numbers a steal, a bargain or a conviction buy.

Mark this post, halo will snap back so hard that will make this analyst head spin.

OK, you win. And I'm glad.

That was a really smart way to confirm that, as far as FDA is concerned, hyaluronidase is indeed an active ingredient, along with daratumumab, in the formulation of Darzalex Faspro.

The only problem with how you cited the FDA-approved prescribing information/package insert to prove your point is that I didn't think of it first (!)

;)

Best wishes,

-- OJ

I like this analysis because of its focus on earnings, and share price as a function of earnings.

As CFO Nicole LaBrosse pointed out in a recent call with analysts, royalties are an efficient form of sales revenue since so much of the top line amount falls directly to the bottom line due to low cost of sales and other operating expenses. This helps explain the firm's high return on equity, and its steadily increasing projections of earnings before interest, tax, depreciation, and amortization, (EBITDA), also known as profit margin.

I confess to being a bit baffled by what might be causing the recent dive in the share price, but agree that if we focus on earnings, and the ratio of price to earnings, we should have little to worry about in the long run.

GLTA

-- OJ

I’m well aware of what Halozyme is today vs 18 years ago. Certainly the ROI has been very good and I think will continue. I look at the company purely from a fundamental point of view and never trade in and out. I like the fundamentals but I don’t get caught up in day to day movements except for when I get bored. My whole point has been that there hasn’t been much excitement lately and I don’t see anything that’s going to take us to another level other than where we’re at. Keep in mind that the public float is virtually non existent so moves are greatly exaggerated.

Yes, halozyme is not what is used to be 18 years ago or even a year ago. It is far better. It is more profitable, it’s has more partnerships and a bigger pipeline. Fundamentals have improved also.

Halozyme has certainly been a good investment for you, and I have no reason not to hope that it continues to be for as long as you own the stock. Just a few observations, if you permit:

1. The most important one is the obvious that was then and this is now. This has come up before on the board, the biotech world is not static, companies come and go, technologies come and go, (not only in biotech, think of Polaroid) managements come and go, stock market conditions come and go, fads come and go, the list could go on and on. Halozyme is not the same company in the same situation as it was 18 years ago.

2. Is there reason to believe that the evolved Halozyme offers the same opportunities as did the old one 18 years ago?

3, Heroic tales cannot be used to buy anything.

Howee, you made me laugh. Jefferies was truly ridiculous, her name was Eun Yin or similar. She embarrassed herself for years with her obstinacy.

Yes, a very long time. That was when HALO traded OTC as HTI.

I don’t think you get what I’m saying. I bought this stock when it was 3. It has periods where it’s dead money. I felt after the last report that it would “drift”. Not a permabear cause I’ve been in the stock 18 years and don’t plan on selling. I’ve listened to every call and I didn’t hear anything special. I don’t
Dispute that fundamentally the stock is a bargain but you can’t fight the tide and right at the moment you don’t know where the bottom is. Helen has to prove that her deal is working and that royalties will be durable for the foreseeable future and beyond. I believe that both will happen but I can’t fight the analysts and their ridiculous downgrades. I’m sure jefffries is still at 3.

Glad you brought up the 18 year history. We don’t need to take anyone’s words for it, just pull up a graph of halo share price for 18 years. It’s from bottom left to top right and all the dips in between have been buying opportunities. This simply because halo’s earnings has grown overtime and is projected to grow for many more years

You and permabears here used the same scare tactics (eg. “falling knife”) when we were in $30’s, $20 and $teens and have been wrong. If we were to listen to this nonsense, we would have missed all the gains. You will post the same stuff when we make all time new highs again.

What you call a falling knife, savvy investors who follow fundamentals, call a brilliant opportunity to buy a high quality name at a discount. No stock goes up in a straight line. Not even the best of all time like apple.

I used to hang out in the Yahoo page. LOL. I guess it's been some time.

Thank you both.

Until the end of the month, at the earliest, I still own shares, Bubba. I certainly wouldn’t mind a bounce. Keep pumping. Ta-ta.

So good to see you. I love how you yourself know how your bearish posts signal a buy :)

Please keep posting.

Might as well put in an order.....

at 46 bucks, cause "Planned Sells" are done and it looks like the June 8th gap is going to close........

cause those MMs abhor those gaps....

But then again HALO did get another patent as pointed out by a fellow investor, that should give SP a boost.......

Naw with 15 so far it ain't going to matter much....they just tweak'em and crank'em out to keep busy....

1 12110520 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
2 12104185 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
3 12104184 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
4 12091692 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
5 12077791 PH20 polypeptide variants with a modification at position 309 of the PH20 polypeptide and a method of making thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
6 12060590 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
7 12054758 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
8 12049652 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
9 12037618 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
10 12018298 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
11 11952600 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
12 11066656 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
13 11041149 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
14 10865400 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...
15 9447401 PH20 polypeptide variants, formulations and uses thereof
Modified PH20 hyaluronidase polypeptides, including modified polypeptides that exhibit increased stability and/or increased activity, are provided. Also provided are compositions and formulations...

I was not going to post any more on my way to selling all at the end of the month. (Mistake, I could have sold with a short term gain more advantageously. Outsmarted myself.)

Look, juicy discounts notwithstanding, (at $30 even juicer… is that what we want? So dumb.) the issue seems to be more than just permabear analysts. With all patent extensions, renewals, etc., Halozyme’s technology is dated and the company is not an R&D demon. The autoinjector “technology” they burned their cash on is likewise ancient, in the public domain at this stage, regardless of bolus volume. As I stated earlier, I believe that what there is of unique technology is in the needle and that is not Halozyme’s. In any case, there are new methods of formulating the injectable and new injectors apparently not conflicting with Halozyme know-how. That seems to be the real bugaboo, not evil permabears. I repeat my contention that the interests of small, individual shareholders fall totally outside the company management’s vision. Let me just leave it at that.

Halozyme, at this point, is the archetype of opportunity missed. That is why it is not going to $170. That is why analysts view it as they do.

Let me wish shareholders a parting “good luck” now. With that, I have done my duty and uttered the eagerly awaited buy signal.