Analyst Patrick Trucchio of H.C. Wainwright reiterated a Buy rating on Harmony Biosciences Holdings (HRMY – Research Report), retaining the price target of $70.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors that highlight Harmony Biosciences Holdings’ strong market position and growth potential. The company has shown a robust start to 2025 with a 20% year-over-year increase in net product revenue for the first quarter, driven by the commercial success of WAKIX in treating narcolepsy. This drug continues to demonstrate its potential as a significant revenue generator, with a growing number of patients and prescribers, and is supported by broad payer coverage.
Additionally, Harmony’s pipeline is poised for significant advancements, with upcoming Phase 3 data in Fragile X syndrome and other rare epilepsies, as well as the development of next-generation pitolisant formulations. The company is financially strong, with over $600 million in cash and investments, which supports its strategic initiatives. These elements, combined with the innovative progress in pitolisant formulations and the sustained growth of WAKIX, underpin Trucchio’s confidence in Harmony’s future performance and justify the Buy rating.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $49.00 price target.