Dallas, Texas 11/11/2013 (Financialstrend) – The $1.45 billion market capped bit tech firm Halozyme Therapeutics, Inc. (NASDAQ:HALO) has posted strong results from its third quarter operations on November 8. This has resulted in the stock price of the firm going up by a significant 18.6% during trading on November 8. At close of business, the share price was hovering around the $12.9 per share mark up 2.38% from its prior 52 week high price of $12.6. This latest bull run has rendered the already appreciated stock well into the overweight territory. The stock has posted appreciation of an even 100% in the last 180 days and has given its investors reason to cheer by increasing its worth by 151% in the past 12 months.
Commenting about the 3Q earnings and the potential of the drug firm over the next few quarters, Gregory Frost who is a Co-Founder of this firm and also serves as the president and chief executive officer has been quoted as saying, “2013 continues to be a pivotal year for us at Halozyme, as the first products from nearly 15 years of R&D investment on our platform technology enter commercialization, while the next horizon of programs such as PEGPH20 and Hylenex for insulin pumps enter key developmental inflection points. Additionally, as our new manufacturing facilities and scale come online in 2014, we can expect additional operational efficiencies.”
The drug firm was able to bring in revenue of $16.0 million during the 3Q and suffered net deficit of $19.3 million in the same period. This meant a close to tripling of revenue in its 3Q, in comparison to $5.3 million revenue which had come in during 3Q12. The net loss for the quarter had come in at $20 million for the same period. The firm also announced that it had successfully launched the marketing activites for its flag ship products “Herceptin® SC and HyQvia” in Europe during 3Q.