Harmony Biosciences assumed with an Outperform at Oppenheimer

Oppenheimer assumed coverage of Harmony Biosciences (HRMY) with an Outperform rating and $61 price target The firm notes Harmony BioSciences’ solid Q1 results featured $184.7M in revenues, beating both our/consensus $178.5M/$182.3M estimates. Despite typical Q1 seasonal dynamics, Oppenheimer is encouraged by WAKIX’s ongoing momentum with average number of patients growing to about 7,200, and continuing adoption among prescribers. Management expects continued patient growth through the year to support its reiterated FY25 revenue guidance of $820M-$860M. The firm is also encouraged by progress in the Pitolisant-HD and Pitolisant-GR programs. In terms of the pipeline, while not currently included in its valuation, Oppenheimer sees attractive upside potential in Harmony’s neurobehavioral and epilepsy pipelines. Phase 3 FXS top-line results remain on track for Q3 2025.