On Monday, H.C. Wainwright reaffirmed a Buy rating and a price target of $68.00 on Halozyme Therapeutics (NASDAQ:HALO). The endorsement follows the recent FDA approval of a subcutaneous (SC) version of Bristol-Myers Squibb (NYSE:BMY)'s PD-1 inhibitor, OPDIVO, now known as OPDIVO Qvantig. This new formulation utilizes Halozyme's proprietary ENHANZE (hyaluronidase) technology, which facilitates faster and easier administration of the drug.
The FDA's approval of OPDIVO Qvantig is significant, covering a wide range of uses. These include its application as a monotherapy in adult solid tumor indications previously approved for OPDIVO, as a monotherapy maintenance treatment post-completion of OPDIVO plus YERVOY (ipilimumab) combination therapy, and when combined with chemotherapy or cabozantinib. The approval extends to various cancer types, such as renal cell carcinoma, melanoma, non-small cell lung cancer, and several others, but it does not include use with intravenous ipilimumab.
The subcutaneous delivery of OPDIVO Qvantig marks a considerable improvement over the intravenous (IV) version. It can be administered in just three to five minutes, compared to the 30 minutes required for the IV formulation. This development not only offers convenience but also saves time for both patients and healthcare providers.
H.C. Wainwright's report highlights the competitive landscape in which Bristol-Myers Squibb is operating. With the introduction of SC Opdivo, Bristol-Myers Squibb is positioned to compete more effectively against Merck & Co (NYSE:MRK).'s KEYTRUDA (pembrolizumab), which currently does not have a subcutaneous version. The analyst views the approval of OPDIVO Qvantig as a crucial advancement for Bristol-Myers Squibb and maintains a positive outlook on Halozyme Therapeutics, reflecting the potential market impact of their ENHANZE technology.
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