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.

Is Harmony Biosciences Holdings, Inc. (HRMY) the Best Small-Cap Growth Stock to Buy Now?

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.

While we acknowledge the potential of HRMY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HRMY and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.