Why Is Sleep Disorder Related Harmony Biosciences Stock Trading Lower Today?
Portfolio Pulse from Vandana Singh
Harmony Biosciences Holdings Inc (NASDAQ:HRMY) announced topline results from the INTUNE Phase 3 study of pitolisant in patients with idiopathic hypersomnia (IH). Approximately 83% of patients responded positively to the treatment, however, no statistically significant difference was observed between pitolisant and placebo groups on the primary endpoint. The safety profile of pitolisant was consistent with previous findings. HRMY shares are down 36.20% at $19.30.
October 13, 2023 | 2:23 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Harmony Biosciences' stock is trading lower due to the lack of significant difference between pitolisant and placebo in the INTUNE Phase 3 study.
The stock price of Harmony Biosciences is down due to the announcement of the Phase 3 study results. Although the study showed a positive response in 83% of patients, there was no statistically significant difference between pitolisant and placebo on the primary endpoint. This could have led investors to believe that the drug may not be as effective as initially thought, leading to a sell-off of the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100