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What: Shares of Halozyme Therapeutics (Nasdaq: HALO) are surging by as much as 22.5% today on news that, together with partner Roche Holding, the company has reported positive results from a trial study regarding one of its drugs.

So what: The drug, Herceptin, treats breast cancer and promises to offer a more convenient and faster administration. The phase 3 trial showed that women with early-stage breast cancer that received the new subcutaneous injection showed comparable results to those who received intravenous treatments.

Now what: Administering the drug via subcutaneous methods only takes five minutes compared to the intravenous route, which can take roughly 30 minutes. It also requires no medicine preparation time so it can reduce pharmacy time. Halozyme CEO Dr. Gregory Frost said, "The convenience of subcutaneous administration may provide another option for women living with early breast cancer." As a result, JPM Securities also upgraded the stock to outperform with a $9 price target.

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