HRMY - Harmony Biosciences: Company's Q1 Update Music To Investor Ears (Upgrade)
2024-04-30 16:00:00 ET
Summary
- Harmony Biosciences Holdings, Inc. stock price fell sharply in October last year, as the lead drug pitolisant - approved to treat narcolepsy - missed endpoints in a late stage IH study.
- The company's Q3 2023 earnings saw Wakix revenues up 37% YoY and net income of $38.5 million. In Q4, the drug reached $168m of sales, and $155m in Q124.
- Harmony's stock price has risen to $32, and the company plans to extend patent protection, submit a supplementary New Drug Application, and develop new formulations of pitolisant.
- In short, Harmony has shrugged off the October setback, and it is difficult to critique the current outlook - the stock price looks set to continue its recovery, potentially challenging the former high of $60 per share.
- Fears around a Citizen's Petition filed by a short seller have been easily erased - I'm reversing my prior "sell" call.