H.C. Wainwright analyst Patrick Trucchio reiterated a Buy rating on Harmony Biosciences Holdings today and set a price target of $55.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors including the promising developments in Harmony Biosciences Holdings’ pipeline. The company has announced positive results from a pivotal study on its next-generation pitolisant gastro-resistant (GR) formulation, which is expected to launch in 2027. This new formulation is designed to reduce gastrointestinal side effects and eliminate the need for dose titration, potentially improving patient adherence.
Additionally, Harmony is preparing to initiate Phase 3 trials for a high-dose version of pitolisant, targeting broader indications such as narcolepsy and idiopathic hypersomnia. These advancements, supported by potential patent extensions, are expected to enhance the company’s market position and drive significant revenue growth. Trucchio’s valuation employs a risk-adjusted methodology, projecting a firm value of approximately $3 billion and a price target of $55, despite acknowledging risks such as clinical development and commercialization challenges.
In another report released today, Needham also reiterated a Buy rating on the stock with a $42.00 price target.