• Harmony Biosciences shares rebounded 9% to $23.04 from Friday’s drop
  • The Phase 3 study for pitolisant in patients with idiopathic hypersomnia missed the primary endpoint
  • Stock closed Friday’s session down 30% and hit a 52-week low of $18.61
  • Stock is now down 55% in the past 12 months
  • Raymond James lowered its price target for the stock to $26 from $58 a share
  • Needham analysts cut their price target to $53 a share from $66
  • Positive trends favoring pitolisant were observed across additional prespecified endpoints
  • 88% of patients in the study continued into a 12-month long-term extension study
  • The safety and tolerability profile of pitolisant in adult patients with idiopathic hypersomnia was consistent with the established safety profile
  • Pitolisant is marketed as Wakix in the U.S. for the treatment of excessive daytime sleepiness or cataplexy in adult patients with narcolepsy

Harmony Biosciences Holdings shares rebounded 9% to $23.04 from Friday’s drop, when the company announced that its Phase 3 study for pitolisant in patients with idiopathic hypersomnia did not meet the primary endpoint. The stock closed Friday’s session down 30%, reaching a 52-week low of $18.61. Over the past 12 months, the stock has declined by 55%. Raymond James has lowered its price target for the stock to $26 from $58 per share, while maintaining an outperform rating. Needham analysts have also reduced their price target to $53 per share from $66, while maintaining a buy rating. Although the Phase 3 study did not show a statistically significant difference between the pitolisant and placebo groups in terms of excessive daytime sleepiness, positive trends favoring pitolisant were observed in other endpoints. The study also revealed that 88% of patients continued into a 12-month long-term extension study. The safety and tolerability profile of pitolisant in adult patients with idiopathic hypersomnia remained consistent with the established safety profile, with no new safety signals observed. Pitolisant, marketed as Wakix in the U.S., is used for the treatment of excessive daytime sleepiness or cataplexy in adult patients with narcolepsy.