Bank of America has adjusted its price target for Harmony Biosciences (HRMY, Financial), reducing it slightly from $33 to $32, while maintaining an Underperform rating on the company's stock. The revision comes as part of the firm's review of first-quarter earnings forecasts for its biopharma sector coverage.
The investment bank highlights that the first quarter is typically fraught with complexity for commercial-stage biopharmaceutical companies due to various seasonal influences. During this period, it is common for these companies to be given some leeway, as growth prospects and overall annual performance are generally expected to be more robust in the latter half of the year.
Moreover, BofA suggests that the significance of first-quarter outcomes might be overshadowed by broader concerns, particularly those related to pharmaceutical tariffs. These macroeconomic issues could divert attention away from immediate quarterly performance, as stakeholders focus on long-term implications for the biopharma sector.
