Citi initiated coverage of Harmony Biosciences with a Buy rating and $48 price target. The company has successfully weathered several hurdles in 2023, including a short report, and a Phase 3 idiopathic hypersomnia study miss, while its lead asset Wakix continued to outperform commercially, the analyst tells investors in a research note. The market is currently valuing Harmony mostly on its Wakix core business in narcolepsy with little credit ascribed to the pipeline, setting up favorable risk-reward over the next 12-18 months, the firm added.
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