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Tuesday, H.C. Wainwright reaffirmed its Buy rating on Harmony Biosciences Holdings Inc. (NASDAQ:HRMY) with a steady price target of $70.00. According to InvestingPro data, the stock currently trades at an attractive P/E ratio of 13, suggesting potential upside based on its Fair Value analysis. The company maintains strong financial health, earning a GREAT rating from InvestingPro’s comprehensive assessment. The firm’s analyst, Patrick Trucchio, expressed reinforced confidence in Harmony (JO:HARJ)’s Phase 3 RECONNECT trial for Fragile X syndrome (FXS) after reviewing the full presentation from the 2025 American Academy of Neurology Annual Meeting held on April 8.
Trucchio highlighted the promising data from the ZYN002 cannabidiol transdermal gel open-label extension study. This study is integral to the company’s progress and supports expectations for the forthcoming top-line results from the RECONNECT trial. The analyst’s optimism is based on the detailed insights gathered from the full podium presentation at the AAN 2025.
In addition to the developments with ZYN002, the analyst revisited Harmony’s EPX-100 (clemizole) following a Biotech Breakthroughs event focusing on epilepsy. Harmony Biosciences is anticipated to carve out a niche in the market for developmental and epileptic encephalopathies (DEEs) with EPX-100, positioning it as a safe and scalable alternative to the existing treatment FINTEPLA (fenfluramine).
On the commercial front, Trucchio updated the near-term forecasts for WAKIX (pitolisant), accounting for expected seasonality in the first half of 2025. Nevertheless, the long-term outlook remains positive, with high-dose pitolisant projected to be a significant contributor to the company’s growth following the loss of exclusivity. The company’s impressive 22.8% revenue growth and robust 78% gross margin demonstrate strong commercial execution. Discover more detailed financial metrics and 8 additional key insights with InvestingPro.
Harmony Biosciences’ robust pipeline, strong financial foundation, and consistent commercial performance underpin H.C. Wainwright’s reiterated Buy rating and $70 price target. With analyst targets ranging from $32 to $70 and a strong consensus recommendation, the company’s strategic developments and upcoming milestones are poised to sustain investor interest in HRMY shares. For comprehensive analysis including Fair Value estimates and detailed financial health metrics, access the full Pro Research Report available on InvestingPro.
In other recent news, Harmony Biosciences Holdings Inc. has shared promising updates on its drug candidate ZYN002, a synthetic cannabidiol gel aimed at treating Fragile X syndrome (FXS). The company presented data from an Open-Label Extension study at the American Academy of Neurology Annual Meeting, highlighting improvements in irritability-related symptoms among participants. This development is part of Harmony’s ongoing efforts to address unmet medical needs in rare neurological diseases. Additionally, Oppenheimer has maintained its Outperform rating for Harmony Biosciences, with a price target of $61.00, reflecting confidence in the company’s clinical programs and commercial strategies. Mizuho (NYSE:MFG) Securities has also increased its price target for Harmony Biosciences to $44.00, citing the company’s robust pipeline and the potential for its lead asset, Wakix, to achieve blockbuster status. In organizational news, Harmony Biosciences has appointed Ron Philip to its Board of Directors and Adam Zaeske as its new Chief Commercial Officer, both bringing extensive experience in the pharmaceutical industry. These appointments are expected to support the company’s growth and strategic focus on business development. Harmony Biosciences continues to advance its late-stage pipeline assets and expand its market presence, with several key clinical milestones anticipated in the near future.
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