Harmony Biosciences (NASDAQ:HRMY) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of Harmony Biosciences (NASDAQ:HRMY) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

HRMY has been the subject of a number of other reports. Weiss Ratings raised shares of Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Needham & Company LLC increased their price target on shares of Harmony Biosciences from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Mizuho raised their price target on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Truist Financial boosted their price objective on shares of Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $39.00 price objective on shares of Harmony Biosciences in a report on Wednesday, August 5th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Harmony Biosciences currently has a consensus rating of “Hold” and a consensus price target of $45.50.

Harmony Biosciences Stock Performance

Shares of NASDAQ:HRMY opened at $39.77 on Tuesday. Harmony Biosciences has a twelve month low of $25.52 and a twelve month high of $40.87. The firm has a market cap of $2.32 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 0.37 and a beta of 0.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. The business has a fifty day moving average of $35.66 and a 200-day moving average of $32.65.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.32. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The business had revenue of $261.28 million for the quarter, compared to the consensus estimate of $250.77 million. During the same quarter in the prior year, the company earned $0.92 EPS. The firm’s quarterly revenue was up 30.3% on a year-over-year basis. On average, equities research analysts predict that Harmony Biosciences will post 3.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. Robeco Institutional Asset Management B.V. increased its holdings in shares of Harmony Biosciences by 0.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 47,085 shares of the company’s stock valued at $1,762,000 after purchasing an additional 298 shares during the last quarter. Nebula Research & Development LLC lifted its stake in shares of Harmony Biosciences by 2.0% during the 2nd quarter. Nebula Research & Development LLC now owns 17,403 shares of the company’s stock worth $550,000 after buying an additional 348 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Harmony Biosciences by 2.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company’s stock worth $717,000 after buying an additional 532 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Harmony Biosciences by 25.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,799 shares of the company’s stock worth $105,000 after buying an additional 575 shares during the period. Finally, Allworth Financial LP boosted its holdings in shares of Harmony Biosciences by 286.7% during the 4th quarter. Allworth Financial LP now owns 812 shares of the company’s stock worth $30,000 after buying an additional 602 shares during the period. 86.23% of the stock is owned by institutional investors.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial?stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.