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Why is Halozyme Soaring Tuesday? (HALO)

Zemanta Related Posts ThumbnailIt’s still early on Tuesday but there’s proof all over the markets that Labor Day wasn’t a day of R&R for everybody. Investors are bidding up Halozyme (NASDAQ: HALO) Tuesday after the company announced that the European Commission has granted Roche European Union marketing authorization for the use of a subcutaneous formulation of Herceptin which uses a technology developed by Halozyme that allows the drug to be administered in two to five minutes instead of the standard 30 to 90 minutes.

“This approval is great news for the more than 80,000 patients who receive treatment with Herceptin each year in the EU,” stated Gregory I. Frost, Ph.D., President and Chief Executive Officer of Halozyme. “The reduced administration time and enhanced convenience may enable patients in the EU to spend less time in the hospital while also increasing efficiency for physicians and other health care providers. We’re excited that patients will soon benefit from this application of Halozyme’s technology.”

In June, it was announced that the EU gave approval to subcutaneous Herceptin but today the marketing rights were officially announced. Not counting today’s move, the stock is up more nearly 18 percent.

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[stock-tools exchange="NASDAQ" symbol="HALO" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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