Needham lowered the firm’s price target on Harmony Biosciences to $53 from $66 but keeps a Buy rating on the shares. The firm’s reduced price target reflects the failure of pitolisant’s Phase 3 INTUNE study in IH, partially offset by the recently announced Zynerba deal, the analyst tells investors in a research note. Needham adds however that it was encouraged to see the meaningful response in the drug’s open label portion and the positive trends in the secondary endpoints.
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