Harmony Biosciences (NASDAQ:HRMY) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Harmony Biosciences (NASDAQ:HRMY) from a strong-buy rating to a buy rating in a report released on Saturday,Wall Street Zen reports.

A number of other equities research analysts have also issued reports on the company. UBS Group reissued a “neutral” rating and set a $37.00 price target on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Needham & Company LLC restated a “buy” rating and set a $50.00 price objective on shares of Harmony Biosciences in a report on Monday, October 19th. LADENBURG THALM/SH SH assumed coverage on Harmony Biosciences in a research report on Thursday, October 15th. They issued a “buy” rating and a $55.00 price objective on the stock. WBB Securities upgraded Harmony Biosciences to a “hold” rating in a research note on Friday, October 23rd. Finally, Mizuho set a $49.00 target price on Harmony Biosciences in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Harmony Biosciences currently has an average rating of “Moderate Buy” and an average price target of $48.00.

Harmony Biosciences Stock Down 2.2%

Shares of NASDAQ HRMY opened at $37.91 on Friday. Harmony Biosciences has a 1 year low of $25.90 and a 1 year high of $43.49. The firm has a 50-day simple moving average of $39.76 and a two-hundred day simple moving average of $34.74. The company has a market cap of $2.21 billion, a P/E ratio of 12.50, a PEG ratio of 0.31 and a beta of 1.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.48 and a quick ratio of 3.45.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, August 4th. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.32. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%. The firm had revenue of $261.28 million for the quarter, compared to analysts’ expectations of $250.77 million. During the same quarter in the prior year, the firm posted $0.92 earnings per share. The company’s quarterly revenue was up 30.3% on a year-over-year basis. Research analysts anticipate that Harmony Biosciences will post 3.73 earnings per share for the current year.

Insider Transactions 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 shares were sold at an average price of $43.05, for a total value of $1,543,428.60. Following the transaction, the insider directly owned 13,115 shares in the company, valued at $564,600.75. This represents a 73.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 72,406 shares of company stock valued at $3,108,520. 11.00% of the stock is owned by insiders.

Institutional Trading of Harmony Biosciences

Several institutional investors and hedge funds have recently modified their holdings of HRMY. Chase Investment Counsel Corp purchased a new stake in shares of Harmony Biosciences in the 2nd quarter worth approximately $1,820,000. Canada Pension Plan Investment Board bought a new position in shares of Harmony Biosciences during the second quarter valued at approximately $1,209,000. The Manufacturers Life Insurance Company bought a new position in shares of Harmony Biosciences during the second quarter valued at approximately $870,000. Aurora Investment Counsel bought a new position in shares of Harmony Biosciences during the second quarter valued at approximately $2,372,000. Finally, Deutsche Bank AG purchased a new position in Harmony Biosciences during the second quarter valued at approximately $3,700,000. Institutional investors own 86.23% of the company’s stock.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial-stage biopharmaceutical company focused on developing and providing therapies for patients with rare neurological disorders. The company’s activities center on conditions involving sleep-wake regulation and other central nervous system disorders where treatment options may be limited.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled treatment that acts as a histamine-3 receptor antagonist/inverse agonist. In the United States, WAKIX is approved for the treatment of excessive daytime sleepiness or cataplexy in adults with narcolepsy and for excessive daytime sleepiness in pediatric patients aged 6 and older with narcolepsy.