Analyst Ami Fadia from Needham maintained a Buy rating on Harmony Biosciences Holdings (HRMY – Research Report) and decreased the price target to $50.00 from $52.00.
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Ami Fadia’s rating is based on several considerations regarding Harmony Biosciences Holdings. Despite the recent setback with the FDA’s refusal to accept the sNDA filing for pitolisant in idiopathic hypersomnia (IH), there are promising next-generation formulations in development. While the Ph 3 INTUNE study did not meet its primary endpoint, the company is exploring new formulations like pitolisant HD, which could offer improved efficacy and bioavailability, potentially making it more successful in the future.
Ami Fadia recognizes the challenges faced but also the potential that lies in the pipeline developments. The delay in the IH product launch affects the short-term outlook, but the strategic focus on advancing next-gen formulations could yield long-term benefits. This optimism in the company’s innovation pipeline and the unmet needs in the market supports the continued Buy rating for Harmony Biosciences Holdings.
In another report released on February 11, Deutsche Bank also initiated coverage with a Buy rating on the stock with a $55.00 price target.