PLYMOUTH MEETING, PA – Harmony Biosciences Holdings , Inc. (NASDAQ:HRMY), a pharmaceutical company, disclosed in a recent SEC filing a change in its board of directors and a rebranding of a subsidiary.
On Monday, the company reported the immediate resignation of board member Jack Bech Nielsen, effective as of last Thursday, due to health reasons. Nielsen's departure was not related to any disagreements over the company's operations, policies, or practices, according to the filing.
In addition to the board change, Harmony Biosciences announced the renaming of its wholly-owned subsidiary, formerly known as Zynerba Pharmaceuticals (NASDAQ:ZYNE), Inc., to Harmony Biosciences Management, Inc., effective today. The name change aligns the subsidiary with the Harmony brand.
Harmony Biosciences specializes in pharmaceutical preparations and is headquartered in Plymouth Meeting, Pennsylvania. The company's common stock is traded on The Nasdaq Global Market under the ticker symbol HRMY.
In other recent news, Harmony Biosciences has been making significant strides with its narcolepsy medication, WAKIX. The U.S. Food and Drug Administration (FDA) confirmed the drug's favorable benefit-risk profile, rejecting a Citizen Petition that questioned its safety and effectiveness. This follows the approval of a supplemental New Drug Application (sNDA) for WAKIX, permitting its use in pediatric patients aged six and older with narcolepsy.
Harmony Biosciences has been commended by various analysts for its advancements. Citi reaffirmed a Buy rating for the company, setting a price target of $48.00, following the FDA's approval of WAKIX for excessive daytime sleepiness in pediatric narcolepsy. Similarly, Oppenheimer maintained an Outperform rating and a $56.00 price target for Harmony Biosciences, highlighting the significance of the pediatric approval.
Furthermore, Harmony Biosciences reported a 30% increase in Q1 net revenues, reaching $154.6 million, primarily due to the strong performance of WAKIX. The company anticipates further growth in the pitolisant franchise, including the filing of an sNDA for idiopathic hypersomnia later in 2024. Harmony also plans to launch at least one new product or indication annually over the next five years as part of its expansion strategy.
InvestingPro Insights
As Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) continues to navigate its corporate developments, the financial health and performance of the company remain a focal point for investors. According to recent InvestingPro data, Harmony Biosciences boasts a market capitalization of $1.72 billion and has demonstrated robust revenue growth over the last twelve months as of Q1 2024, with an increase of nearly 30.92%. This growth is underpinned by a substantial gross profit margin of 79.28% and an operating income margin of 32.98%, reflecting efficient management and solid profitability.
InvestingPro Tips highlight several key strengths for Harmony Biosciences, including the fact that the company is profitable over the last twelve months and holds more cash than debt on its balance sheet. Additionally, the company's management has been actively engaged in share buybacks, signaling confidence in the company's future prospects. With 2 analysts having revised their earnings upwards for the upcoming period, the potential for continued positive performance is noteworthy.
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