Squalls are going to get less HP to begin with, anyway; their high HP was based on the sort of conceptual idea that they're more or less solid chunks of metal - and mechanics-wise, on the idea that it's meant to be fired at a non-overloaded ship, and if it's too easily countered by PD, that'd be pretty useless. But the scripted anti-shield damage does away with the first, and it's pretty clearly overtuned for the second, soo.
With Missile Specialization already getting nerfed, it may be prudent to avoid stacking nerfs from multiple sources in the same patch.
I am certainly no developer, but as a player, I have seen so many games where something is overtuned, and the subsequent nerf ends up see-sawing the power level in the opposite direction and the target of the nerf is now completely useless. The culprit of this is usually the unintended effects of multiple interacting balance changes.
Consider this:
Squall HP Nerf + Missile Specialization Nerf + PD Buff = Useless Squall (likely outcome)
Given that you usually patch new updates, why not put out the strongest changes first, while withholding the easy alterations as a low-effort means for balance tweaking? For instance, whatever means you plan to buff PD + Missile Spec nerf for the next update. Then, if Squalls still feel overtuned, you can still nerf its HP.