H.C. Wainwright analyst Patrick Trucchio reiterated a Buy rating on Harmony Biosciences Holdings today and set a price target of $70.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors including Harmony Biosciences’ consistent commercial execution and advancing pipeline programs. The company has shown resilient growth, particularly with its product WAKIX, which has expanded its prescriber base and demonstrated steady revenue increases. The anticipation of upcoming data from the Phase 3 RECONNECT trial in Fragile X syndrome, which could lead to the first FDA-approved therapy for this condition, represents a significant potential catalyst for the company.
Additionally, Harmony’s strong financial position, with substantial cash reserves and reaffirmed revenue guidance, supports its ability to self-fund and pursue growth opportunities. The company’s strategic focus on its core franchises and the potential for multiple registrational trials over the next 12–18 months further enhance its growth prospects. With a clear path to achieving blockbuster status for WAKIX and a robust pipeline, Harmony is well-positioned to deliver long-term value, justifying the Buy rating.
According to TipRanks, Trucchio is a 4-star analyst with an average return of 5.1% and a 38.14% success rate. Trucchio covers the Healthcare sector, focusing on stocks such as uniQure, Harmony Biosciences Holdings, and GH Research.
In another report released today, Needham also reiterated a Buy rating on the stock with a $49.00 price target.