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

Harmony Biosciences (NASDAQ:HRMY) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other brokerages also recently weighed in on HRMY. Mizuho lifted their target price on shares of Harmony Biosciences from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Truist Financial increased their price target on Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $39.00 price objective on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Needham & Company LLC boosted their price objective on Harmony Biosciences from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded Harmony Biosciences from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $45.50.

Harmony Biosciences Stock Performance

NASDAQ HRMY opened at $39.77 on Tuesday. The firm’s fifty day moving average price is $35.66 and its two-hundred day moving average price is $32.65. Harmony Biosciences has a fifty-two week low of $25.52 and a fifty-two week high of $40.87. The stock has a market cap of $2.32 billion, a PE ratio of 12.91, a PEG 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.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of HRMY. EverSource Wealth Advisors LLC grew its holdings in Harmony Biosciences by 589.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company’s stock worth $28,000 after purchasing an additional 643 shares during the period. Leonteq Securities AG bought a new stake in Harmony Biosciences in the fourth quarter valued at $30,000. Allworth Financial LP raised its holdings in shares of Harmony Biosciences by 286.7% during the fourth quarter. Allworth Financial LP now owns 812 shares of the company’s stock valued at $30,000 after purchasing an additional 602 shares during the period. Clearstead Advisors LLC raised its holdings in shares of Harmony Biosciences by 145.9% during the fourth quarter. Clearstead Advisors LLC now owns 1,178 shares of the company’s stock valued at $44,000 after purchasing an additional 699 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in shares of Harmony Biosciences during the 4th quarter worth about $47,000. 86.23% of the stock is owned by institutional investors.

Harmony Biosciences Company Profile

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.