Halozyme downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Halozyme Therapeutics to Neutral from Overweight with a price target of $57, up from $52. The analyst cites valuation for the downgrade with the shares up 69% year-to-date. Despite raising the price target to reflect more value for future product royalties, the firm struggles to find a strong upside case from current levels “that does not rely on giving even more credit.”