8 Most Undervalued Growth Stocks To Buy According To Wall Street Analysts

4. Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY)

Forward P/E: 11.49

Earnings Growth: 6.10%

Number of Hedge Fund Holders: 25

Analyst Upside Potential: 37.28%

If you are looking for a biotechnology company that is in for some lofty growth in the years to come, you might be interested in Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY). First of all the company is trading at a cheap valuation with analysts expecting its price to jack up by 37.28% during the year.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) specializes in developing commercialized therapies for rare neurological diseases. It differentiates based on its focus on developing treatments for neurological diseases where current treatments are inefficient.

Recently, the company got FDA approval for its Pitolisant drug called WAKIX to treat PWS. The drug had already been approved to treat daytime sleepiness in adults with narcolepsy. This recent approval positions the company to meet the demand of more than 20,000 patients in the United States alone.

The recent FDA approvals have already started to show a positive impact on its balance sheet. The fiscal second quarter of 2024 resulted in WAKIX Net Revenue growing 29% year-over-year to $172.8 million. In addition, the number of active patients using the drug also increased by 250 during the quarter.

If we talk about the net income, Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) does not seem to disappoint here as well. Its net income came in at $60.6 million, with management being confident it to meet revenue targets of $700 million to $720 million during 2024.