Harmony Biosciences price target lowered to $36 from $46 at UBS

UBS analyst So Youn Shim lowered the firm’s price target on Harmony Biosciences (HRMY) to $36 from $46 and keeps a Neutral rating on the shares. The stock rebounded 5% after a 25% decline last week, likely investor optimism around additional ANDA settlements with three Wakix generic filers, the analyst tells investors in a research note. Under the new agreements, generics can launch in September 2029, four months earlier than prior settlements and upside exists if Harmony wins both Wakix patents and secures the pediatric exclusivity extension, while downside risk includes potential multi-source generic entry as early as 3Q26 if both patents are lost, the firm says.