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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $55.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 46.63% from the company’s previous close.

Several other equities analysts have also commented on HRMY. Wolfe Research initiated coverage on Harmony Biosciences in a research report on Wednesday, August 26th. They set an “outperform” rating and a $60.00 price objective on the stock. Weiss Ratings raised Harmony Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Zacks Research downgraded Harmony Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Truist Financial upped their target price on Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Harmony Biosciences in a research note on Monday. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $47.44.

Harmony Biosciences Stock Up 1.3%

Shares of NASDAQ:HRMY opened at $37.51 on Tuesday. The firm has a market capitalization of $2.18 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 0.29 and a beta of 1.01. 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 has a 52-week low of $25.52 and a 52-week high of $43.49. The firm has a fifty day moving average of $40.08 and a 200 day moving average of $35.26.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results 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. 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 for the quarter, compared to the consensus estimate of $250.77 million. During the same quarter last year, the business posted $0.92 earnings per share. The company’s revenue for the quarter was up 30.3% on a year-over-year basis. As a group, research analysts anticipate that Harmony Biosciences will post 3.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of the business’s stock in a transaction 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 $564,600.75. The trade was a 73.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 72,406 shares of company stock valued at $3,108,520. 11.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of HRMY. Farther Finance Advisors LLC lifted its stake in shares of Harmony Biosciences by 166.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock valued at $32,000 after acquiring an additional 510 shares during the last quarter. Argent Capital Management LLC bought a new position in Harmony Biosciences during the 3rd quarter worth approximately $647,000. Envestnet Portfolio Solutions Inc. grew its position in Harmony Biosciences by 4.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,566 shares of the company’s stock worth $640,000 after acquiring an additional 787 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Harmony Biosciences during the 2nd quarter worth approximately $65,000. Finally, IFP Advisors Inc increased its stake in Harmony Biosciences by 4.6% in the 2nd quarter. IFP Advisors Inc now owns 8,102 shares of the company’s stock worth $295,000 after purchasing an additional 353 shares during the period. 86.23% of the stock is owned by institutional investors.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and marketing therapies for patients with rare neurological disorders. The company’s activities center on conditions that are often underserved by conventional treatment options, including sleep disorders and other central nervous system diseases.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled medication that acts as a histamine-3 receptor antagonist/inverse agonist.