Mizuho Reaffirms "Outperform" on Harmony Biosciences (HRMY) for BP1.15205 Data

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) is one of the 7 most undervalued pot stocks to buy according to analysts. On June 23, Mizuho reiterated its “Outperform” rating on Harmony and maintained a price target of $48. The reaffirmation followed Harmony’s presentation of preclinical data for BP1.15205 at the SLEEP 2025 conference.

BP1.15205, an investigational orexin-2 receptor (OX2R) agonist. The data highlighted “significant wake-promoting and cataplexy-suppressing effects” of BP1.15205 in a standard transgenic mouse model of narcolepsy type 1. Specifically, preclinical characterization described BP1.15205 as having “favorable efficacy and safety/tolerability profiles.” Mizuho noted that while this drug candidate is earlier in development compared to some competitors, it “appears to be the most potent orexin candidate based on EC50 measurements.”

Mizuho’s analysis included a comparison between Harmony’s BP1.15205 and TAK-861/oveporexton, which is currently the most advanced orexin in development, with Phase 3 data expected in the summer. The firm concluded that Harmony’s candidate “compares favorably against this competitor.” The research firm expressed optimism that Harmony’s orexin candidate could potentially become a “best-in-class asset” in its category, despite being at an earlier stage of development. Mizuho’s near-term focus remains on the upcoming Phase 3 readout for ZYN-002 in Fragile X Syndrome, which is anticipated in the third quarter of 2025.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) is a commercial-stage biotech firm making a mark in the cannabis sector through the development of a pharmaceutically manufactured, synthetic CBD gel called ZYN-002. The gel is used for rare neuropsychiatric conditions, such as Fragile X syndrome and 22q11.2 deletion syndrome. It’s also developing a cannabinoid-based drug that is synthesized and formulated as a gel for transdermal delivery.

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Disclosure: None. This article is originally published at Insider Monkey.