Needham reaffirms Buy rating on Harmony Biosciences, $50 target

what happened

TradingView reports that Needham reiterated its Buy rating on Harmony Biosciences Hldgs and kept its price target at $50.00. The target represents implied upside of 24.1% from the Oct. 9 closing price of $40.28.

Analysts expect sales of WAKIX in narcolepsy to outperform projections. Their estimates call for revenue to rise from approximately $160 million in 2020 to more than $700 million by 2024. The note attributes this potential to the drug’s safety and convenience advantages, which may broaden the patient population using branded medicines.

Harmony Biosciences also has a pipeline of candidates aimed at rare neurological diseases. It includes pitolisant, which is in Phase 2 trials for excessive daytime sleepiness associated with Prader-Willi Syndrome and Myotonic Dystrophy. Analysts said these programs could generate significant future revenue streams. Selected reference data was provided by Benzinga.

why it matters

For markets, the note focuses attention on WAKIX sales growth and the company’s rare-disease pipeline as the main factors behind its outlook. The $50 target reflects the analyst view and is not a guarantee of future performance.

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