Mizuho Reiterates Outperform Rating on Harmony Biosciences Holdings Inc. (HRMY)

Mizuho analyst Graig Suvannavejh reiterated an Outperform rating and $42.00 price target on Harmony Biosciences Holdings Inc. (NASDAQ: HRMY).

The analyst commented: "Tomorrow, HRMY will host its first-ever investor/analyst day in NYC. The in-person event will focus on the company's emerging pipeline, with the goal, in our view, being to (1) introduce, in essence, HRMY version 2.0, and (2) ultimately, change investor perceptions about the company — from it being a simpler, uni-dimensional, one product, commercial-stage, specialty pharma-like company, to a more dynamic, R&D-oriented, biotech-like company, with multiple shots-on-goal. If done well (i.e., with the market coming away with a better understanding of not only HRMY's pipeline opportunities, but also how to model those opportunities more exactly), we believe the event could set up the stock well for a material re-rating. With HRMY as one of our top picks as of September, the stock now +27% since reporting 2Q results (vs. +10% for the XBI), and seeing the potential for upward estimate revisions post-the investor day, we stay OP-rated on HRMY."

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 $40.00 yesterday.

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