Harmony Biosciences (NASDAQ:HRMY) Rating Lowered to Buy at Wall Street Zen

Harmony Biosciences (NASDAQ:HRMY) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also recently weighed in on the company. Zacks Research upgraded Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 15th. Oppenheimer restated an “outperform” rating on shares of Harmony Biosciences in a research report on Thursday, September 24th. UBS Group reissued a “neutral” rating and issued a $37.00 price objective on shares of Harmony Biosciences in a report on Wednesday, August 5th. Truist Financial upped their price target on Harmony Biosciences from $29.00 to $34.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Finally, Wolfe Research began coverage on Harmony Biosciences in a research note on Wednesday, August 26th. They set an “outperform” rating and a $60.00 price objective on the stock. 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.00.

Harmony Biosciences Price Performance

Shares of NASDAQ:HRMY opened at $38.76 on Friday. Harmony Biosciences has a 52 week low of $25.90 and a 52 week high of $43.49. 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 company has a 50 day moving average price of $39.76 and a two-hundred day moving average price of $34.73. The company has a market capitalization of $2.26 billion, a PE ratio of 12.58, a PEG ratio of 0.31 and a beta of 1.00.

Harmony Biosciences (NASDAQ:HRMY) last announced 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 return on equity of 20.06% and a net margin of 18.88%. The business had revenue of $261.28 million during the quarter, compared to the consensus estimate of $250.77 million. During the same quarter in the prior year, the company posted $0.92 earnings per share. Harmony Biosciences’s revenue was up 30.3% compared to the same quarter last year. Analysts forecast that Harmony Biosciences will post 3.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Kumar Budur sold 35,852 shares of the 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 of the company’s stock, valued at $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 can be accessed through this link. Over the last three months, insiders sold 72,406 shares of company stock worth $3,108,520. Corporate insiders own 11.00% of the company’s stock.

Institutional Trading of Harmony Biosciences

A number of large investors have recently modified their holdings of HRMY. Farther Finance Advisors LLC grew its stake in shares of Harmony Biosciences by 166.7% in the third quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock worth $32,000 after acquiring an additional 510 shares during the last quarter. Nykredit A S purchased a new position in Harmony Biosciences during the second quarter worth approximately $33,000. Signature Equity Partners LLC purchased a new position in Harmony Biosciences in the third quarter valued at $37,000. Integrated Wealth Concepts LLC purchased a new position in shares of Harmony Biosciences in the 2nd quarter valued at approximately $65,000. Finally, Signaturefd LLC increased its stake in shares of Harmony Biosciences by 200.0% during the 3rd quarter. Signaturefd LLC now owns 1,686 shares of the company’s stock worth $66,000 after purchasing an additional 1,124 shares in the last quarter. Institutional investors own 86.23% of the company’s stock.

Harmony Biosciences Company Profile

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.