Morgan Stanley calls for a 26% gain in this under-the-radar ‘safe port in the storm’

Morgan Stanley says investors looking for a hideout in this volatile market should consider putting their money in this lesser known biotechnology stock. Analyst Andrew Galler initiated coverage of Halozyme Therapeutics with an overweight rating and a $50 price target, calling the company a “safe port in a storm.” “Given the macro backdrop, we view Halozyme as the most defensive name in our coverage given its established royalty business, long-term potential for growth, and diversified base business via its acquisition of Antares,” he wrote. More specifically, Galler sees value in Halozyme’s diversified revenue streams. He particularly called attention to its Enhanze drug delivery technology platform that’s utilized by top biopharmaceutical companies like Pfizer and Bristol-Myers Squibb . Morgan Stanley’s $50 price target suggests shares could rally 26% from Thursday’s close. “While we don’t see any significant upside drivers apart from continued expansion of the Enhanze portfolio and commercial execution by partners in the near-term, we still think Halozyme remains defensive against future downturns in the biotech market,” he wrote. — CNBC’s Michael Bloom contributed to this report.