Halozyme Therapeutics, Inc. (HALO): what caused a melt-up today?

An interesting stock that came up in some of our conversations today is Halozyme Therapeutics, Inc. (NASDAQ:HALO). At current price of $19.18, the shares have already added 0.49 points (2.62% higher) from its previous close of $18.69. Should you buy or avoid them? The stock sets an active trading volume day with a reported 436640 contracts so far this session. HALO shares had a relatively better volume day versus average trading capacity of 1.5 million shares, but with a 0.14 billion float and a -4.06% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for HALO stock indicates that the average analyst price target is $20.5 per share. This means the stock has a potential increase of 6.88% from where the HALO share price has been trading recently which is between $18.5795 and $18.96. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $12. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $31.

During the recent trading session for Halozyme Therapeutics, Inc. (NASDAQ:HALO), the company witnessed their stock drop by $-0.35 over a week and surge $2.12 from the price 20 days ago. When compared to their established 52-week high of $19.73, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 11/25/19. The recent low of $13.24 stood for a -2.79% since 12/24/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.89 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for HALO is set at $19.5, a figure which is below the recent 1-year high the stock witnessed.

Looking at the current readings for Halozyme Therapeutics, Inc., the two-week RSI stands at 66.5. This figure suggests that HALO stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current HALO readings is similarly very revealing as it has a stochastic reading of 72.97% at this stage. This figure means that HALO share price today is being oversold.

Technical chart claims that Halozyme Therapeutics, Inc. (HALO) would settle between $18.91/share to $19.12/share level. However, if the stock price goes below the $18.53 mark, then the market for Halozyme Therapeutics, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $18.36 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.29. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Barclays raised their recommendation on shares of HALO from Underweight to Equal Weight in their opinion released on November 05. Piper Jaffray, analysts launched coverage of Halozyme Therapeutics, Inc. (NASDAQ:HALO) stock with a Neutral recommendation, according to their flash note issued to investors on October 19. Analysts at Barclays lowered the stock to a Underweight call from its previous Equal Weight recommendation, in a research note that dated back to May 11.

HALO equity has an average rating of 2.27, with the figure leaning towards a bullish end. 9 analysts who tracked the company were contacted by Reuters. Amongst them, 4 rated the stock as a hold while the remaining 5 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 5 analysts rated Halozyme Therapeutics, Inc. (NASDAQ:HALO) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Halozyme Therapeutics, Inc. (HALO)’s current-quarter revenues are projected to climb by nearly -1.5% to hit $59.33 million, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 33% from $151860 to a noteworthy $201950. At the other end of the current quarter income statement, Halozyme Therapeutics, Inc. is expected to see its adjusted earnings surge by roughly -1200% to hit $-0.13 per share. For the fiscal year, HALO’s earnings are projected to climb by roughly 28.6% to hit $-0.4 per share.