Zacks Research Upgrades Harmony Biosciences (NASDAQ:HRMY) to “Strong-Buy”

Harmony Biosciences (NASDAQ:HRMY) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday, Zacks reports.

A number of other analysts have also commented on HRMY. Truist Financial lifted their price objective on Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Wolfe Research initiated coverage on Harmony Biosciences in a research report on Wednesday, August 26th. They issued an “outperform” rating and a $60.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of Harmony Biosciences in a research note on Monday, October 12th. Oppenheimer reiterated an “outperform” rating on shares of Harmony Biosciences in a report on Thursday, September 24th. Finally, Mizuho increased their target price on Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.20.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY traded down $0.32 during mid-day trading on Thursday, hitting $37.95. 892,251 shares of the stock were exchanged, compared to its average volume of 994,860. The stock’s fifty day simple moving average is $40.06 and its two-hundred day simple moving average is $35.36. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. Harmony Biosciences has a twelve month low of $25.52 and a twelve month high of $43.49. The company has a market cap of $2.21 billion, a P/E ratio of 12.32, a PEG ratio of 0.30 and a beta of 1.01.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.32. The company had revenue of $261.28 million for the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%. The business’s revenue was up 30.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.92 earnings per share. As a group, analysts forecast that Harmony Biosciences will post 3.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the sale, the insider owned 13,115 shares of the company’s stock, valued at approximately $564,600.75. This represents a 73.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 72,406 shares of company stock valued at $3,108,520 over the last ninety days. 11.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Harmony Biosciences in the 2nd quarter valued at $258,583,000. Dimensional Fund Advisors LP lifted its holdings in Harmony Biosciences by 13.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company’s stock worth $58,157,000 after acquiring an additional 245,784 shares in the last quarter. SG Americas Securities LLC grew its stake in Harmony Biosciences by 109.9% in the first quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company’s stock valued at $56,529,000 after acquiring an additional 1,056,507 shares during the period. Renaissance Technologies LLC grew its stake in Harmony Biosciences by 0.6% in the first quarter. Renaissance Technologies LLC now owns 1,077,371 shares of the company’s stock valued at $30,177,000 after acquiring an additional 6,900 shares during the period. Finally, venBio Partners LLC acquired a new position in Harmony Biosciences in the second quarter valued at about $17,192,584. Institutional investors and hedge funds own 86.23% of the company’s stock.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and marketing therapies for patients with rare neurological disorders. The company’s activities center on conditions that are often underserved by conventional treatment options, including sleep disorders and other central nervous system diseases.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled medication that acts as a histamine-3 receptor antagonist/inverse agonist.