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Halozyme Therapeutics Crosses Above its 10-day MA (HALO)

Published on Wed, 07/31/2013 - 12:13
By Mallory Stone

Halozyme Therapeutics (NASDAQ:HALO) shares have crossed bullishly above their 10-day moving average of $8.36 on a volume of 420K shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Halozyme Therapeutics, Inc. develops and commercializes recombinant human enzymes for the infertility, ophthalmology, and oncology communities. The Company's product portfolio is based on intellectual property covering the family of human enzymes known as hyaluronidases. Halozyme's products offer an alternative to slaughterhouse-derived extracts that carry contamination risks.

Halozyme Therapeutics (NASDAQ:HALO) has potential upside of 16.9% based on a current price of $8.62 and analysts' consensus price target of $10.07. The stock should find initial support at its 50-day moving average (MA) of $7.38 and further support at its 200-day MA of $6.43.

Halozyme Therapeutics share prices have moved between a 52-week high of $13.50 and a 52-week low of $3.86 and are now trading 123% above that low price at $8.62 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.4%.

By Mallory Stone