Harmony Biosciences Valuation Reassessed After Positive Pitolisant Study and Orexin 2 Agonist Trial

Harmony Biosciences Holdings (HRMY) reported positive data for its gastro-resistant pitolisant and first patient dosing in a new orexin 2 agonist trial, boosting its growth story. The stock has returned around 25% in a month, but the 3-year total shareholder return is still negative. Analysts expect double-digit revenue growth and increasing profit margins, leading to a fair value of $44.55, indicating that the stock is undervalued. However, setbacks in late-stage programs or competitive pressure on WAKIX could narrow the valuation cushion.