Needham & Company Reiterates Buy Rating, $57 Price Target on Harmony Biosciences Holdings Inc. (HRMY)

Needham & Company analyst Ami Fadia reiterated a Buy rating and $57.00 price target on Harmony Biosciences Holdings Inc. (NASDAQ: HRMY), following a recent chat with the company's management.

The analyst comments: "We are incrementally more positive on HRMY following the fireside chat we hosted with John Jacobs, President & CEO, Sandip Kapadia, CFO from Harmony at the Needham Healthcare Conference. Key highlights: (1) Mgt remains optimistic on growth potential for Wakix with the expansion of its commercial efforts to include 1,000 additional HCPs, as well as potential normalization of market dynamics as impact of the pandemic recedes. (2) Wakix has patent protection through 2029 with an opportunity for patent extension by a year plus another 6 month extension for seeking pediatric indication. This is in addition to its orphan drug exclusivity. (3) Of the various additional indications being pursued, management is particularly excited about the opportunity in idiopathic hypersomnia (IH) in terms of its potential to address the unmet need in a market with just one approved treatment option. (4) On other potential new indications to develop, it sounded like management would be inclined to first wait for the POC data readout for PWS and DM1 before choosing any additional indications to move forward. (5) Mgt remains committed to bringing on additional assets through business development, but emphasized that it will be disciplined as it decides what deals to execute on."

For an analyst ratings summary and ratings history on Harmony Biosciences Holdings Inc. click here. For more ratings news on Harmony Biosciences Holdings Inc. click here.

Shares of Harmony Biosciences Holdings Inc. closed at $47.15 yesterday.

By Vlad Schepkov

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