HRMY - Why Harmony Biosciences Stock Got Slammed Today
2024-01-02 18:38:00 ET
2024 didn't exactly get off to a roaring start for Harmony Biosciences Holdings (NASDAQ: HRMY) stock. The neurology-focused biotech's shares took a nearly 5% hit on Tuesday, the first trading day of the year. The culprit was a recommendation downgrade from a prominent researcher. By contrast, the slumping S&P 500 index only suffered a 0.6% decline.
Well before the market open that day, Bank of America Securities analyst Jason Gerberry changed his recommendation on Harmony. He now feels the stock is worthy only of an underperform (sell, in other words) tag at a price target of $30 per share, where previously he ranked it as neutral.
In a new research note, Gerberry expressed concern that the biotech has a dearth of "high-impact catalysts." He also opined that Harmony will likely have a tough time coping with the loss of exclusivity of Wakix.
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Why Harmony Biosciences Stock Got Slammed Today