Deutsche Bank cuts Harmony Biosciences stock rating on patent risk

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Deutsche Bank has downgraded Harmony Biosciences (NASDAQ: HRMY) to Hold from Buy and lowered its price target due to increased patent risk for its lead drug, Wakix. A recent bench trial indicated a negative outcome for Harmony Biosciences against a generics manufacturer, potentially accelerating Wakix’s loss of exclusivity. Despite the legal uncertainty, the stock appears undervalued according to InvestingPro analysis, even as shares declined following the trial’s conclusion.

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