Harmony Biosciences (NASDAQ:HRMY) Stock Rating Reaffirmed as “Buy” by HC Wainwright

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

Other research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Harmony Biosciences from a “buy” rating to a “hold” rating in a report on Sunday. Wolfe Research began coverage on shares of Harmony Biosciences in a research report on Wednesday, August 26th. They set an “outperform” rating and a $60.00 price objective on the stock. UBS Group reissued a “neutral” rating and set a $37.00 target price on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Deutsche Bank restated a “hold” rating and issued a $42.00 target price on shares of Harmony Biosciences in a report on Thursday, October 1st. Finally, Truist Financial raised their target price on Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.00.

Harmony Biosciences Price Performance

Shares of NASDAQ:HRMY opened at $34.22 on Thursday. The company has a market capitalization 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 debt-to-equity ratio of 0.12, a quick ratio of 3.42 and a current ratio of 3.44. The stock has a fifty day moving average of $38.99 and a 200-day moving average of $34.66. Harmony Biosciences has a one year low of $25.90 and a one year high of $43.49.

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

Insider Transactions at Harmony Biosciences

In other news, insider Kumar Budur sold 35,852 shares of the firm’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 sale, the insider directly owned 13,115 shares of the company’s stock, valued at approximately $564,600.75. This trade represents a 73.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 72,406 shares of company stock worth $3,108,520 in the last three months. 11.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Harmony Biosciences

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

Harmony Biosciences Company Profile

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.