Shares of Halozyme Therapeutics (HALO) plunged 20.31% in pre-market trading on Tuesday, following a significant downgrade from Leerink Partners. The biotechnology company's stock took a heavy hit after the investment firm lowered its rating from Market Perform to Underperform, signaling a pessimistic outlook on the company's near-term prospects.
Leerink Partners also adjusted its price target for Halozyme to $47, suggesting limited upside potential from the stock's previous closing price. This downgrade appears to be the primary catalyst for the sharp sell-off, as investors reassessed their positions in light of the negative analyst sentiment.
Despite the dramatic drop, it's worth noting that the overall analyst consensus on Halozyme remains relatively positive. According to FactSet, the average rating for the stock is still "overweight," with a mean price target of $70.38. This stark contrast between Leerink's downgrade and the broader analyst community's outlook highlights the divergence in opinions about Halozyme's future performance and may lead to increased volatility in the coming trading sessions as the market digests this conflicting information.
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