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On Monday, Mizuho (NYSE:MFG) Securities demonstrated confidence in Harmony Biosciences Holdings Inc. (NASDAQ:HRMY) by increasing its price target for the company’s stock. Analysts at Mizuho have adjusted the 12-month price target to $44.00, up from the previous $42.00, while sustaining an Outperform rating on the shares. The revision represents a 5% increase from the prior target and suggests a 34% upside potential from current levels. The company maintains a strong financial position with a "GREAT" health score according to InvestingPro, supported by a healthy current ratio of 3.31 and more cash than debt on its balance sheet.
The adjustment comes following an updated model for Harmony (JO:HARJ) Biosciences after their fourth-quarter performance. With a P/E ratio of 12.89 and impressive revenue growth of 22.8% in the last twelve months, the company shows strong market performance. The company’s lead asset, Wakix, has been making steady progress and is on track to potentially reach blockbuster status, defined as achieving $1 billion in sales. Mizuho’s positive stance on Harmony Biosciences is increasingly based on the company’s enhanced pipeline prospects. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report.
Harmony Biosciences’ robust pipeline is expected to deliver several key milestones in the near future. Analysts anticipate as many as six mid- and late-stage clinical data readouts within the next 6 to 24 months. This includes two Phase 3 data readouts expected in the third quarter of 2025. Furthermore, there is the potential for at least one product launch annually over the coming years.
The company’s progress has led analysts at Mizuho to view Harmony Biosciences more as a biotech story, with multiple catalysts on the horizon. The maintained Outperform rating reflects the firm’s expectation of continued positive developments and stock performance. Harmony Biosciences’ efforts towards expanding its product offerings and advancing its clinical programs appear to be key drivers of the optimistic outlook from Mizuho.
In other recent news, Harmony Biosciences Holdings reported strong financial results for the fourth quarter of 2024, with earnings per share (EPS) of $1.08, significantly surpassing the forecasted $0.69. The company also achieved net revenue of $201.3 million, exceeding expectations of $198.6 million, marking a 20% year-over-year increase. Looking ahead, Harmony has projected its 2025 revenue to be between $820 million and $860 million, aligning with H.C. Wainwright’s estimate and slightly above the consensus estimate. Despite a recent setback with the FDA’s Refusal to File letter for WAKIX in the treatment of idiopathic hypersomnia, Harmony remains committed to advancing its pitolisant High-Dose program.
Additionally, H.C. Wainwright adjusted its price target for Harmony Biosciences to $70 from $75 while maintaining a Buy rating, reflecting changes in projected revenues from WAKIX. Cantor Fitzgerald also maintained an Overweight rating with a $54 price target, emphasizing the company’s promising clinical trials and potential product launches by the end of 2025. Mizuho Securities reiterated its Outperform rating with a $42 price target, highlighting Harmony’s robust financial position and ongoing research initiatives. These developments are part of Harmony Biosciences’ broader strategy to expand its pipeline and strengthen its position in the market for rare neurological disorders.
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