In a report released today, Ami Fadia from Needham maintained a Buy rating on Harmony Biosciences Holdings (HRMY – Research Report), with a price target of $50.00.
Ami Fadia’s rating is based on the promising data from the open-label extension (OLE) study of ZYN-002, which showed significant improvements in behavioral symptoms for patients with Fragile X Syndrome. The study results indicated that over 60% of patients achieved notable improvements on the Aberrant Behavior Checklist, and a substantial percentage of caregivers reported positive changes in behavior.
Furthermore, the long-term data revealed that a majority of patients continuing on ZYN-002 experienced clinically meaningful improvements, supporting the potential of the drug in this indication. Despite some adverse events, the safety profile remains acceptable, with a low percentage of serious adverse events reported. The anticipation of upcoming Phase 3 trial results adds to the positive outlook, justifying the Buy rating for Harmony Biosciences Holdings.