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Michael J. LaBarre, the Senior Vice President and Chief Technical Officer of Halozyme Therapeutics , Inc. (NASDAQ:HALO), recently sold shares in the company amounting to approximately $1.26 million. The transactions, which occurred over several days, involved the sale of common stock at prices ranging from $58.007 to $58.74 per share. The $7.1 billion market cap company has demonstrated strong financial performance, with a 22.44% revenue growth and impressive 76.51% gross profit margin in the last twelve months.
According to the SEC filing, the sales were executed under a pre-arranged trading plan established by LaBarre on September 18, 2024. On February 25, LaBarre sold 10,000 shares at an average price of $58.007 and $58.67, respectively. The following day, he sold an additional 10,000 shares at prices averaging $58.091 and $58.648. Finally, on February 27, 1,697 shares were sold at an average price of $58.252 and $58.74.
Following these transactions, LaBarre holds 173,756 shares of Halozyme Therapeutics. The company, based in San Diego, focuses on developing and commercializing products that target the extracellular matrix for the treatment of cancer and other diseases.
In other recent news, Halozyme Therapeutics reported robust fourth-quarter earnings and revenue that exceeded analyst expectations, posting adjusted earnings per share of $1.26 compared to the anticipated $1.15. The company’s revenue for the quarter reached $298 million, surpassing the consensus forecast of $294.15 million. For the full year 2024, Halozyme achieved total revenue of $1.015 billion, marking the first time it exceeded the $1 billion mark, representing a 22% increase from 2023. The company’s royalty revenue, a significant contributor to its financial performance, surged 40% in the fourth quarter to $170.4 million, driven by products like DARZALEX SC, VYVGART Hytrulo, and Phesgo.
JMP Securities raised its price target for Halozyme shares from $73.00 to $78.00, maintaining a Market Outperform rating, citing the strong financial results and the company’s reiterated guidance for 2025. H.C. Wainwright also increased its price target from $70 to $72, maintaining a Buy rating, noting Halozyme’s total revenues of $1,015 million, which slightly surpassed the consensus estimate. The analysts emphasized the company’s robust royalty streams and the impact of its accelerated share repurchase program. Looking ahead, Halozyme projects total revenue between $1.15 billion and $1.225 billion for fiscal year 2025, with adjusted earnings per share expected to range from $4.95 to $5.35, above the current analyst consensus of $5.05.
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