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. 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. 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. 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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