Harmony Biosciences downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded Harmony Biosciences (HRMY) to Hold from Buy with a price target of $31, down from $47. The firm sees greater Wakix patent risk with the bench trial in Delaware concluding. The judge leaned negatively towards Harmony, the analyst tells investors in a research note. Deutsche now sees a “credible and unexpected threat” to Wakix’s loss of exclusivity. The loss could come as early as 2026, contends the firm.