A Look At Halozyme Therapeutics (HALO) Valuation After New ENHANZE Obesity Partnership With Skye Bioscience

Halozyme Therapeutics (HALO) shares are in focus after the company entered a non exclusive global collaboration with Skye Bioscience in December 2025 to apply its ENHANZE drug delivery technology to a potential obesity treatment.

See our latest analysis for Halozyme Therapeutics.

The Skye Bioscience agreement lands at a time when Halozyme’s share price has picked up momentum, with a 15.47% 1 month share price return and 12.16% 3 month share price return. The 1 year total shareholder return of 42.86% points to stronger longer term gains.

If this obesity partnership has your attention, it could be a good moment to see what else is happening across healthcare stocks for other potential ideas in the sector.

With Halozyme posting a 42.86% one-year total return and trading only about 4% below the average analyst price target, the key question now is whether the current valuation leaves additional upside or if the market is already fully reflecting expectations for future growth.

Most Popular Narrative Narrative: 3.8% Undervalued

With Halozyme shares last closing at $73.13 against a narrative fair value of $76.00, the current setup hinges heavily on execution and partner traction.

The company's expanding network of global partnerships and the ramp-up of recently launched subcutaneous biologics (e.g., OCREVUS ZUNOVO, Opdivo Qvantig, Tecentriq Hybreza, RYBREVANT SC) provide a set of new and diversified royalty streams that are still early in their adoption curve. As these launches mature and penetration increases, especially in emerging and international markets, sequential revenue and EBITDA growth is anticipated.

Read the complete narrative.

Curious how this valuation leans on partner rollouts, high margins, and a compressed future P/E multiple compared to today? The full narrative outlines the assumptions on growth, profitability, and capital returns that sit behind that $76 fair value estimate.

Result: Fair Value of $76 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this story can change quickly if patent litigation around ENHANZE turns against Halozyme or if major partners reduce their reliance on its platform.

Find out about the key risks to this Halozyme Therapeutics narrative.

Build Your Own Halozyme Therapeutics Narrative

If you look at the numbers and come to a different conclusion, or simply prefer to work from your own assumptions, you can build a tailored view in just a few minutes with Do it your way

A great starting point for your Halozyme Therapeutics research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

Story Continues

Looking for more investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include HALO.

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