Halozyme Therapeutics (HALO) stock surged 6.77% in pre-market trading on Wednesday, following significant price target increases from major Wall Street firms. The biotechnology company's shares are gaining momentum as analysts express increased confidence in its future prospects.

Morgan Stanley led the bullish sentiment by raising its price target on Halozyme from $67 to $73, while maintaining an Overweight rating on the stock. This represents a substantial upside potential from the company's current trading price. Additionally, Wells Fargo also boosted its target price on Halozyme, increasing it from $60 to $65, although it maintained a Hold rating on the shares.

These analyst upgrades reflect growing optimism about Halozyme's business outlook and potential for future growth. The company, known for its drug delivery technologies, has been gaining attention from investors and analysts alike. While Wells Fargo remains cautious with its Hold rating, the increased price targets from both firms suggest that Wall Street sees significant value in Halozyme's stock, driving the pre-market rally.