H.C. Wainwright analyst Patrick Trucchio says that following an April 22 meeting with President and CEO Jeff Dayno, newly appointed CFO Glenn Reicin, and Head of Investor Relations Brennan Doyle, the firm has increased conviction that recent Harmony Biosciences (HRMY) weakness related to IP litigation has created an attractive buying opportunity. Wainwright expects a positive outcome from the IP litigation filed this week, which could support the transition of the WAKIX franchise to next-generation formulations. With shares down about 15% year-to-date vs. XBI up 12%, reflecting what the firm views as an excessive IP overhang, Wainwright reiterates a Buy rating and $55 price target on Harmony.
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