H.C. Wainwright Reaffirms Buy on Harmony Biosciences Holdings, Inc. (HRMY) Despite Phase 3 Setback

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) is among the best low-priced growth stocks to buy now. Analysts at H.C. Wainwright have reaffirmed their ‘Buy’ rating on Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY), while reducing the price target to $55 from $70, implying a potential upside of nearly 100%. The 21.43% downside in guidance follows the company’s Phase 3 trial failure.

On Wednesday, Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) announced that its key Phase 3 RECONNECT trial for ZYN002, which is a synthetic transdermal cannabidiol gel, was unsuccessful in meeting the primary endpoint for Fragile X syndrome. The firm believes that the trial was influenced by a higher-than-expected placebo response across the full methylation cohort.

While Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) has also stopped the development of ZYN002 for 22q11.2 deletion syndrome for now, the company continues to showcase commercial strength from WAKIX and a solid balance sheet, driving both internal R&D and business development.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) is a Pennsylvania-based commercial-stage pharmaceutical company specializing in therapies for patients with rare and other neurological diseases. Founded in 2017, the company is focused on empathy and innovation.

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Disclosure: None.