Wakix Patent Closing Arguments Send Harmony Shares Down 7%
HRMY sits 39% above its 52-week low of $25.902 on elevated volume (3.1× avg).
Summary
Closing arguments in Harmony's ANDA patent litigation with AET Pharma over Wakix took place Thursday in Wilmington, Delaware, and the stock fell 7% on the session. The case is the near-term swing factor for Wakix exclusivity: a loss would open the door to generic competition well before the 2030 loss-of-exclusivity date Mizuho's base case assumes. Mizuho analyst Graig Suvannavejh flagged the hearing as a potential medium-to-high volatility event and reiterated an Outperform rating, keeping the 2030 LOE assumption intact. Wakix is the entire revenue base — Q2 2026 revenue was a record $261.3 million, up 30% year over year — so any ruling that shortens exclusivity hits the whole thesis, not just one product line. The judge's decision is the next hard date; no timing has been disclosed.
At the time of this announcement, HRMY was trading at $36.03 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $25.90 to $43.49. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.