Harmony BioSciences (HRMY) has several underappreciated value drivers supporting its long-term growth outlook, including its Wakix franchise, pitolisant lifecycle initiatives and BP-205 program, Oppenheimer said in a note Wednesday.

Patient count for narcolepsy treatment Wakix rose by 450 in Q2 to roughly 8,950, keeping the company on track for more than $1 billion in 2026 revenue, supported by broad physician awareness, more than 80% covered lives and improved patient onboarding processes, according to the note.

The brokerage said Harmony's IP strategy could support Wakix exclusivity through March 2030, while the pitolisant GR and HD programs may extend the franchise beyond 2030, with utility patents potentially offering protection into the 2040s.

Oppenheimer also highlighted BP-205, an orexin-2 receptor agonist under clinical development, which provides a longer-term opportunity given its differentiated potency and potential applications across hypersomnia and multiple CNS indications.

Harmony's more than $900 million cash balance supports pipeline development and potential business development deals, the brokerage said.

Oppenheimer has an outperform rating on the stock, with a price target of $70.

Harmony BioSciences shares were down 1.1% in Thursday trading.

Price: 38.91, Change: -0.43, Percent Change: -1.09