Halozyme (HALO) Rises 5% as Ocrevus SC Meets Goals in MS Study
Halozyme Therapeutics, Inc. HALO announced that Roche RHHBY reported positive top-line results from its late-stage multiple sclerosis (MS) study evaluating a subcutaneous (SC) formulation of its drug Ocrevus (ocrelizumab). The SC formulation of Ocrevus has been developed with its novel drug delivery technology, Enhanze.
Roche’s phase III OCARINA II study of Ocrevus as a twice-a-year 10-minute SC injection, to treat patients with relapsing forms of MS (RMS) or primary progressive MS (PPMS), met its primary and secondary endpoints.
Enhanze, Halozyme’s novel drug delivery technology, is a recombinant human hyaluronidase enzyme, rHuPH20. The SC co-formulation of Ocrevus and Enhanze was found to be non-inferiorto Ocrevus injected intravenously (IV) as measured by pharmacokinetics (levels in the blood) at 12 weeks, which was the primary endpoint of the study. The SC injection of Ocrevus was also comparable with Ocrevus IV in controlling magnetic resonance imaging lesion activity in the brain over 12 weeks.
HALO’s stock gained about 5% on Thursday in response to the encouraging news. Year to date, shares of Halozyme have lost 31.1% compared with the industry’s 10.1% decline.
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The phase III OCARINA II study enrolled 236 patients with RMS or PPMS to evaluate the pharmacokinetics, safety and radiological and clinical effects of Ocrevus SC compared with Ocrevus IV. Besides meeting its primary and secondary endpoints, the safety profile of the SC injection of Ocrevus was consistent with that of the IV injection version. Currently, Ocrevus IV is the standard of care MS treatment. Subject to the approval of Ocrevus SC, it could become an additional delivery option for patients and doctors.
Roche’s IV formulation of Ocrevus was first approved in 2017, by the FDA and the European Medicines Agency, for marketing in the United States and EU as the first and only medicine for both RMS and PPMS. Subsequently, in 2020, a shorter two-hour infusion time for Ocrevus IV dosed twice yearly was approved both in the United States and the EU for the same indication.
Roche is scheduled to share detailed results from the OCARINA II study at a future medical conference and expects to submit the data to respective regulatory authorities for approval globally.
Halozyme Therapeutics, Inc. Price and Consensus
Halozyme Therapeutics, Inc. price-consensus-chart | Halozyme Therapeutics, Inc. Quote
Zacks Rank and Stocks to Consider
Halozyme currently has a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the same industry are ADC Therapeutics ADCT and Anixa Biosciences ANIX, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for ADC Therapeutics’ 2023 loss per share has widened from $2.58 to $2.61. During the same period, the estimate for ADC Therapeutics’ 2024 loss per share narrowed from $2.72 to $2.45. Year to date, shares of ADCT have lost 59.7%.
ADCT beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 10.70%.
In the past 90 days, the Zacks Consensus Estimate for Anixa Biosciences’ 2023 loss per share has narrowed from 43 cents to 39 cents. During the same period, the estimate for Anixa Biosciences’ 2024 loss per share has narrowed from 46 cents to 38 cents. Year to date, shares of ANIX have lost 25.2%.
ANIX beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 31.21%.
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