Harmony Biosciences: Management Raised Its Game, But The Stock Has Already Rerated

Harmony Biosciences Holdings, Inc. has now elevated BP-205, its orexin-2 receptor agonist, to lead the pipeline. HRMY management has become even more specific about business development—exactly the kind of thing I thought was missing earlier. My updated valuation suggests most of the improvement is now reflected in the stock. I am, therefore, upgrading HRMY from Sell to Hold.