Goldman Sachs downgraded Harmony Biosciences to Sell from Neutral with a price target of $31, down from $40. The analyst sees “multiple emerging risks” to the durability of Harmony’s revenue. There are several candidates in clinical stage development, with multiple data read-outs expected by the respective companies by year-end to showcase competitive risks to Wakix’s current role in narcolepsy, the analyst tells investors in a research note. The firm’s key opinion leader checks reinforce enthusiasm for these agents. Second, Goldman sees risk to the Wakix patent portfolio in the absence of a composition of matter patent, with regulatory protection against the filing of generic new drug applications expired as of August.
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