H.C. Wainwright analyst Patrick Trucchio has reiterated their bullish stance on HRMY stock, giving a Buy rating today.
Patrick Trucchio has given his Buy rating due to a combination of factors that highlight the potential of Harmony Biosciences Holdings’ ZYN002 treatment for Fragile X syndrome (FXS). The recent data from the open-label extension trial presented at the American Academy of Neurology meeting demonstrated significant and sustained behavioral improvements in patients over three years. More than 60% of participants showed a notable improvement in irritability scores, and the treatment also showed benefits in caregiver assessments, even for those initially on placebo.
Furthermore, the data supports the therapeutic potential and durability of ZYN002 ahead of the anticipated Phase 3 trial results expected in the third quarter of 2025. The favorable safety profile and the promising efficacy of ZYN002, combined with Harmony’s global rights to the treatment and plans for further development in other syndromes, underpin the positive outlook. The valuation, based on a discounted cash flow and sum-of-the-parts methodology, along with the potential for FDA approval, contributes to the Buy rating with a price target of $70.
In another report released today, Needham also maintained a Buy rating on the stock with a $50.00 price target.