Today in the stock market, investors got bullish as the NASDAQ 100 index broke out of a trading range.
Overall, S&P 500 closed 2.8% and NASDAQ grew 3.1%. They are now at 3,937 and 11,713, respectively.
In other news, Halozyme (HALO) could be a market leader of this new Bull Market.
Tweet of the Day
The Nasdaq 100 broke through & closing above the 50SMA. Plus we have a breakout, and have been seeing lower lows. All three things are bullish.
I closed out of hedges. I don’t expect tech earnings to be strong for the disrupted companies, but the chart says what it says. $QQQ pic.twitter.com/jgf1FfcR9J
— Wasteland Capital (@ecommerceshares) July 19, 2022
Chart of the Day
Our chart of the day is the one-year chart of HALO from July 8 when the stock was at $50.
HALO is a biopharmaceutical technology company that offers rHuPH20, or ENHANZE proprietary enzyme, which is used as a drug delivery medium to further increase dispersion and absorption of injected drugs and fluids. It basically makes it easier for the body to absorb other drugs.
Halozyme Therapeutics (HALO) broke out to a one-year high last week as the Biotech sector looks like a leader in what could be a new Bull market. The stock jumped from $46 to $50 on no company specific news.
HALO is a mid-cap stock with a solid Estimated Long-Term Growth Rate of 31% a year. The P/E of 22 is lower than I imagined it would be, considering this growth rate. But profit growth has been rather inconsistent. I consider this stock to be speculative in our scheme, and HALO is on the radar for the Aggressive Growth Portfolio. My Fair Value is a P/E of 30, which equates to $67 a share this year and $91 next year. These seems to be god upside here.
