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HRMY · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Harmony Biosciences Holdings, Inc. Common Stock (HRMY) stock moving?
HRMY fell from $38.76 on Oct 30 to $33.55 on Nov 10, about 13% lower. The decline began with Q3 results on Nov 4, which missed consensus on EPS ($0.81 vs $1.10) and sales ($268.9M vs $273.1M). The stock closed down about 7% that day on 2.47M shares, roughly 2.5 times the recent average, then fell another 5.6% on Nov 5 on 1.48M shares. Management reiterated FY2026 WAKIX net revenue guidance of $1.0B-$1.04B and reported 400 net patient adds, which supports the franchise, but the guidance sits near the bottom of the consensus range. Deutsche Bank lowered its target to $38 from $42 and kept a Hold rating, which is still about 13% above the current price. Since Nov 6 the shares have held in a $33-34 band on volume of roughly 0.8-1.3M, below the earnings-day levels, and the Nov 5 low near $32.3 has not been retested. Other items are longer-dated: CEO Jeffrey Dayno retires at year-end and Peter Anastasiou takes over Jan 1, 2027; BP-205 Phase 1b data is due Q1 2027; and the pitolisant GR PDUFA date is Apr 1, 2027. Near term, the earnings miss and cut target weigh on sentiment. Longer term, the revenue base and pipeline timelines are the main supports.
News behind the analysis
- Deutsche Bank Adjusts Harmony Biosciences Price Target to $38Deutsche Bank cut its price target on Harmony from $42 to $38 and kept a Hold rating.
- Harmony Biosciences Hldgs Q3 2026 Earnings Call TranscriptTranscript of the company's Q3 2026 earnings call, held the day results were reported.
- Harmony Biosciences Reports Q3 2026 Financial ResultsHarmony reported $269 million in Q3 net revenue and EPS of $0.81, and reiterated full-year revenue guidance. The release also gave preliminary multiple-ascending dose data for BP-205.
- Harmony Biosciences Reports Q3 WAKIX Sales Of $269M, Driven By Strong Demand With 400 Net Patient Adds; Appoints Peter Anastasiou As CEO, Effective January 1, 2027WAKIX sales reached $269M in Q3, with 400 net patient adds. Peter Anastasiou becomes CEO on January 1, 2027, succeeding Jeffrey Dayno.
- Harmony Biosciences Q3 EPS $0.81 Misses $1.10 Estimate, Sales $268.917M Miss $273.078M EstimateQ3 earnings per share of $0.81 fell short of the $1.10 consensus, and sales of $268.9M missed the $273.1M estimate.
- Harmony Biosciences Hldgs Affirms FY2026 Sales Guidance of $1.000B-$1.040B vs $1.028B EstHarmony kept its FY2026 WAKIX sales guidance at $1.000B-$1.040B, which sits slightly below the $1.028B estimate at the midpoint.
About Harmony Biosciences Holdings, Inc. Common Stock
Harmony Biosciences is a pharmaceutical company in Plymouth Meeting, Pennsylvania. It develops and sells treatments for rare neurological diseases, and it is best known for WAKIX (pitolisant), a non-controlled drug for excessive daytime sleepiness and cataplexy in people with narcolepsy. Almost all of its sales come from this one drug, which makes the company profitable but highly concentrated, and it is trying to add more products through a pipeline focused on sleep disorders and epilepsy.
How it makes money
Nearly all of its revenue comes from US sales of WAKIX. The company expects net product revenue of about $1.0 to $1.04 billion in 2026, and WAKIX brought in roughly $260 to $270 million per quarter in mid-2026. Management expects WAKIX to stay protected from generic competition until about March 2030, but patent lawsuits with generic drugmakers are ongoing. It is spending on pipeline drugs that could add revenue later, including the next-generation pitolisant formulation HBS-301 (in Phase 3), EPX-100 (clemizole) for epilepsy and BP-205.
What usually moves HRMY
- WAKIX prescription growth and quarterly sales versus expectations
- Patent lawsuits and the threat of generic WAKIX
- Pipeline trial results (HBS-301, EPX-100, BP-205)
- Competition in narcolepsy, including orexin-targeting drugs in development
- Management changes and acquisitions or licensing deals