Jul. 1 at 2:54 PM
Mizuho reiterated
$HRMY Outperform-
$48 and said, "In 3Q25 (i.e., this quarter), we expect
$HRMY to report top-line P3 RECONNECT study data for ZYN-002 in Fragile X Syndrome/FXS, a rare, orphan CNS disease for which there are no approved therapies."
$SLNO $AARD $RYTM $ACAD
Mizuho added, "In this note, we provide a preview of the data event and a primer of everything you need to know ahead of time.
Seeing a product with peak sales potential of~
$500MN, we assume a 50% probability of success/POS, and see potential stock up/down in the range of 20-30%.
We're hosting a KOL call tomorrow for a deeper dive into FXS, ZYN-002, and the current investor debates around ZYN-002, but bigger picture, ahead of the 3Q25 read-out, with
(1)~50% potential stock upside to our
$48 12-month PT, and
(2) optimism on the co's transformation from a sleepy, one-product, spec pharma story to a more pipeline-driven, biotech story, we reiterate our OP rating on
$HRMY."
