Harmony Biosciences (NASDAQ:HRMY) Earns “Buy” Rating from HC Wainwright

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a report issued on Thursday, Benzinga reports. They presently have a $55.00 target price on the stock. HC Wainwright‘s price objective would indicate a potential upside of 60.72% from the stock’s previous close.

A number of other equities analysts also recently weighed in on HRMY. Wall Street Zen downgraded Harmony Biosciences from a “buy” rating to a “hold” rating in a research report on Sunday. Weiss Ratings lowered shares of Harmony Biosciences from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Zacks Research raised Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Harmony Biosciences in a research report on Monday, October 19th. Finally, Ladenburg Thalmann & Co. Inc. started coverage on Harmony Biosciences in a report on Thursday, October 15th. They issued a “buy” rating and a $55.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

Harmony Biosciences Price Performance

HRMY stock opened at $34.22 on Thursday. The stock has a 50-day moving average price of $38.99 and a two-hundred day moving average price of $34.66. The stock has a market cap of $2.01 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 0.34 and a beta of 1.00. The company has a current ratio of 3.44, a quick ratio of 3.42 and a debt-to-equity ratio of 0.12. Harmony Biosciences has a 1 year low of $25.90 and a 1 year high of $43.49.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.28). The firm had revenue of $268.92 million during the quarter, compared to the consensus estimate of $272.05 million. Harmony Biosciences had a net margin of 18.05% and a return on equity of 18.55%. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.08 earnings per share. Equities analysts forecast that Harmony Biosciences will post 3.69 EPS for the current fiscal year.

Insider Buying and Selling at Harmony Biosciences

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of the company’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the transaction, the insider owned 13,115 shares of the company’s stock, valued at $564,600.75. This represents a 73.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 72,406 shares of company stock worth $3,108,520 over the last quarter. Insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Several large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Harmony Biosciences during the second quarter worth $258,583,000. Dimensional Fund Advisors LP increased its holdings in Harmony Biosciences by 13.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company’s stock valued at $58,157,000 after purchasing an additional 245,784 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Harmony Biosciences by 548.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,124,717 shares of the company’s stock valued at $44,505,000 after purchasing an additional 951,273 shares during the period. Renaissance Technologies LLC raised its position in Harmony Biosciences by 0.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,077,371 shares of the company’s stock worth $30,177,000 after purchasing an additional 6,900 shares during the last quarter. Finally, venBio Partners LLC bought a new position in Harmony Biosciences during the 2nd quarter worth $17,192,584. Institutional investors own 86.23% of the company’s stock.

About Harmony Biosciences

Harmony Biosciences is a biopharmaceutical company focused on developing and commercializing treatments for people living with rare neurological diseases. The company’s work centers on therapies intended to address significant unmet medical needs. Its lead product, WAKIX (pitolisant), is approved in the United States to treat excessive daytime sleepiness or cataplexy in adults and pediatric patients aged 6 years and older with narcolepsy. Harmony launched WAKIX in the United States in 2019. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony primarily serves the U.S. market.