Harmony Biosciences (NASDAQ:HRMY) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Harmony Biosciences (NASDAQ:HRMY) from a buy rating to a hold rating in a research report report published on Sunday,Wall Street Zen reports.

Other research analysts also recently issued reports about the company. Truist Financial upped their price objective on Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. LADENBURG THALM/SH SH initiated coverage on Harmony Biosciences in a research note on Thursday, October 15th. They issued a “buy” rating and a $55.00 target price on the stock. Wolfe Research started coverage on shares of Harmony Biosciences in a report on Wednesday, August 26th. They set an “outperform” rating and a $60.00 price target for the company. WBB Securities raised shares of Harmony Biosciences to a “hold” rating in a report on Friday, October 23rd. Finally, HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Harmony Biosciences in a research report on Tuesday, October 13th. One research 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 company’s stock. According to MarketBeat, Harmony Biosciences has an average rating of “Moderate Buy” and a consensus price target of $48.00.

Harmony Biosciences Stock Performance

Shares of HRMY stock opened at $33.55 on Friday. The company has a market cap of $1.97 billion, a P/E ratio of 11.19, a PEG ratio of 0.35 and a beta of 1.00. The business has a 50 day moving average of $39.13 and a two-hundred day moving average of $34.67. Harmony Biosciences has a 52 week low of $25.90 and a 52 week high of $43.49. The company has a quick ratio of 3.42, a current ratio of 3.44 and a debt-to-equity ratio of 0.12.

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

Insider Activity at Harmony Biosciences

In other news, insider Kumar Budur sold 35,852 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 13,115 shares of the company’s stock, valued at approximately $564,600.75. This represents a 73.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 72,406 shares of company stock worth $3,108,520. 11.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Ieq Capital LLC boosted its stake in Harmony Biosciences by 5.7% during the 3rd quarter. Ieq Capital LLC now owns 56,836 shares of the company’s stock valued at $2,231,000 after purchasing an additional 3,074 shares in the last quarter. Focus Advisor Solutions LLC acquired a new position in shares of Harmony Biosciences during the 3rd quarter valued at $228,000. Boston Partners raised its stake in shares of Harmony Biosciences by 1,289.9% in the 3rd quarter. Boston Partners now owns 423,647 shares of the company’s stock worth $16,638,000 after buying an additional 393,166 shares in the last quarter. Voya Investment Management LLC raised its stake in shares of Harmony Biosciences by 24.6% in the 3rd quarter. Voya Investment Management LLC now owns 61,604 shares of the company’s stock worth $2,419,000 after buying an additional 12,143 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its stake in shares of Harmony Biosciences by 17.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 234,679 shares of the company’s stock worth $8,707,000 after buying an additional 34,102 shares in the last quarter. Institutional investors and hedge funds 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.