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Harmony Biosciences (NASDAQ: HRMY) is getting a new leader, but investors aren't happy about it. On news of a major C-Suite change, they eagerly sold shares in the pharmaceutical company to leave it with more than a 5% loss on Monday.
That morning, Harmony announced that its current COO and member of its board, Peter Anastasiou, is to become CEO, effective Jan. 1, 2027. In a planned succession, he will replace the healthcare company's current chief, Jeffrey Dayno, who will stay with Harmony in an advisory role throughout that year.
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In the press release announcing the move, Harmony signaled a "steady as she goes" approach. The company stated that it will stick with its current strategic priorities, including further development of its molecule, pitolisant (approved by the Food and Drug Administration under the brand name Wakix for certain sleep disorders), and advancement of its pipeline.
In addition to detailing the CEO change, Harmony also reiterated its full-year net revenue guidance for Wakix. The drug should maintain its blockbuster status, with net revenue of $1 billion to $1.04 billion. The company added that its assumptions for hitting key commercial and pipeline milestones remain unchanged.
Personally, I'm not seeing much in that press release to be gloomy about.
That said, change can be hard for investors, particularly when an outgoing CEO has led a company to success -- as in the case of Dayno, who deserves significant credit in the development of Wakix (he was chief medical officer at the time). I'd probably take this opportunity to load up on the still high-potential Harmony at a discount.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Why Harmony Biosciences Stock Got Mashed on Monday was originally published by The Motley Fool
