Harmony Biosciences Outperforms Expectations with Strong Q1 Results and Strategic Acquisition

Mizuho Securities analyst Graig Suvannavejh maintained a Buy rating on Harmony Biosciences Holdings (HRMY – Research Report) on April 30 and set a price target of $40.00.

Graig Suvannavejh’s rating is based on a comprehensive analysis of Harmony Biosciences Holdings’ recent financial performance and strategic acquisitions. Harmony’s first-quarter results showcased revenues that aligned with both Mizuho Securities and consensus estimates, and an earnings per share that exceeded expectations. Significantly, the company’s net income was also higher than predicted by Mizuho and consensus, underscoring a stronger than anticipated financial health.
Moreover, Harmony Biosciences announced a key acquisition of Epygenix Therapeutics, which adds promising rare epilepsy treatment candidates to its pipeline, with intellectual property protection extending to 2034. The company’s operational expenses were lower than projected, and a robust cash position was reported, indicating sufficient funds to achieve cash flow profitability per their existing operational plan. This financial stability, coupled with a steady increase in patient numbers for their primary product Wakix, provides a solid foundation for the Buy rating.

Suvannavejh covers the Healthcare sector, focusing on stocks such as Axsome Therapeutics, Intra-Cellular Therapies, and Immuneering. According to TipRanks, Suvannavejh has an average return of -11.3% and a 36.94% success rate on recommended stocks.

In another report released yesterday, Needham also assigned a Buy rating to the stock with a $52.00 price target.

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Harmony Biosciences Holdings (HRMY) Company Description:

Harmony Biosciences Holdings Inc is a commercial-stage pharmaceutical company focused on developing and commercializing innovative therapies for patients living with rare neurological disorders who have unmet medical needs.