Halozyme Therapeutics, Inc. (HALO): A Bull Case Theory

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Ricardo PillaiSat, February 28, 2026 at 5:54 PM GMT+1 3 min readWe came across a bullish thesis on Halozyme Therapeutics, Inc. on 24K Research’s Substack. In this article, we will summarize the bulls’ thesis on HALO. Halozyme Therapeutics, Inc.'s share was trading at $70.98 as of February 20th. HALO’s trailing and forward P/E were 16.41 and 8.19, respectively according to Yahoo Finance.Morgan Stanley Lifted GE HealthCare Target to $80 in Late October, Citing Strong Orders and BacklogWichy/Shutterstock.comHalozyme Therapeutics Inc (HALO), based in San Diego, California, is a pharmaceutical technology company that has built a high-margin, royalty-driven business by transforming complex IV biologics into simple, rapid subcutaneous injections. Its flagship ENHANZE platform has revolutionized treatments such as DARZALEX SC, Phesgo, and VYVGART Hytrulo, cutting multi-hour cancer and autoimmune therapies down to five-minute or patient-administerable doses.This proprietary technology provides Halozyme with a durable, annuity-like revenue stream that is insulated from typical biotech R&D risk, while offering substantial earnings visibility. The company’s royalty model, tied to blockbuster drugs across multiple partners, is recurring, high-margin, and expected to potentially double by 2028, with Adjusted EBITDA margins projected to rise from 59–61% in 2024 to 74–75% by 2028, reflecting operational leverage and capital discipline.Halozyme’s growth is further secured by an extensive ENHANZE pipeline, ongoing IV-to-SC conversions, and strong patent protection, which collectively ensure continued royalty expansion without reliance on speculative drug development. The Hypercon acquisition enhances long-term durability by enabling ultra-concentrated biologics for at-home auto-injectors, extending Halozyme’s intellectual property into the 2040s and positioning it as a critical enabler of decentralized, AI-assisted healthcare. This dual-platform strategy amplifies patient autonomy, improves care efficiency, and aligns Halozyme with the future of personalized biologics.While risks include patent expiration, litigation, partner concentration, and the eventual 2030–2035 revenue cliff, Halozyme’s predictable, high-margin model, combined with a robust technology moat and disciplined execution, underpins a compelling investment case. With EPS projected to accelerate and royalties expanding, the company is positioned for strong earnings growth, making it a high-quality mid-cap compounder with a $75–$90 price target by 2026.Previously, we covered a bullish thesis on CRISPR Therapeutics AG (CRSP) by MADD-Scientis in March 2025, which highlighted its CRISPR gene editing leadership, high-margin Casgevy therapy, strong institutional backing, and near-term clinical catalysts. CRSP’s stock price has appreciated by approximately 30.5% since our coverage. 24K Research shares a similar view but emphasizes Halozyme Therapeutics’ (HALO) recurring, royalty-driven revenue and patent-protected ENHANZE platform.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,839.50 -49.50 (-0.72%)Dow Futures48,627.00 -373.00 (-0.76%)Nasdaq Futures24,805.50 -199.25 (-0.80%)Russell 2000 Futures2,605.80 -28.90 (-1.10%)VIX19.86 +1.23 (+6.60%)Gold5,376.30 +128.40 (+2.45%)Trending tickersCL=F Crude Oil Apr 26 70.71 +3.69 (+5.51%)BTC-USD Bitcoin USD 66,820.39 -685.15 (-1.01%)LMT Lockheed Martin Corporation 658.08 +16.45 (+2.56%)PLTR Palantir Technologies Inc. 137.19 +1.25 (+0.92%)XOM Exxon Mobil Corporation 152.50 +3.96 (+2.67%)PortfolioSign in to access your portfolioSign inTop gainersAAOI Applied Optoelectronics, Inc. 84.23 +30.54 (+56.88%)BWIN The Baldwin Insurance Group, Inc. 23.23 +4.74 (+25.64%)FIGS FIGS, Inc. 15.45 +2.98 (+23.90%)DELL Dell Technologies Inc. 148.08 +26.63 (+21.93%)PSKY Paramount Skydance Corporation 13.51 +2.33 (+20.84%)Top losersRUN Sunrun Inc. 13.25 -7.17 (-35.11%)FIGR Figure Technology Solutions, Inc. 25.28 -8.76 (-25.73%)CRWV CoreWeave, Inc. 79.56 -18.07 (-18.51%)ACA Arcosa, Inc. 107.48 -20.02 (-15.70%)TPC Tutor Perini Corporation 75.37 -14.01 (-15.67%)Most activeNVDA NVIDIA Corporation 177.19 -7.70 (-4.16%)NFLX Netflix, Inc. 96.24 +11.63 (+13.75%)NU Nu Holdings Ltd. 14.98 -0.08 (-0.53%)PLUG Plug Power Inc. 1.7900 -0.1200 (-6.28%)SOFI SoFi Technologies, Inc. 17.76 -1.34 (-7.02%)Top economic eventsEarnings eventsMy earnings eventsEarnings events