Harmony Bio gains as Citi starts at Buy on risk-reward setup

seekingalpha06-21

Harmony Biosciences (NASDAQ:HRMY) traded higher in the premarket Friday after Citi launched its coverage with a Buy rating and a $48 per share target, noting that with little credit attributed to its ...

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Analyst David Hoang argued that the market is valuing Plymouth Meeting, Pennsylvania, pharma mostly based on the potential of its core business, which is built on its lead asset Wakix (pitolisant), indicated in the U.S. for sleep disorder narcolepsy. “We believe HRMY is being valued by the market mostly on its core business of Wakix in adult narcolepsy with little credit for the remaining pipeline, setting up positive risk-reward heading into clinical/regulatory catalysts over the next 12-18 months,” Hoang argued. However, Harmony (HRMY) has multiple opportunities to expand its pipeline, such as potential label expansions for pitolisant in related indications. Citi recognized management’s efforts to extend the Wakix franchise beyond a patent cliff in 2030 and added that its “core business and free cash flow generation provide a strong foundation to pursue calculated risks in clinical development.”","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2445754702"}