Harmony Biosciences’ (HRMY) Buy Rating Reiterated at HC Wainwright

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research report issued to clients and investors on Tuesday, Marketbeat reports. They currently have a $55.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 44.67% from the company’s previous close.

A number of other research firms also recently issued reports on HRMY. Mizuho lifted their price objective on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Harmony Biosciences in a research note on Monday. UBS Group restated a “neutral” rating and issued a $37.00 price target on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Zacks Research downgraded Harmony Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen upgraded Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Harmony Biosciences presently has a consensus rating of “Hold” and a consensus target price of $47.44.

Harmony Biosciences Price Performance

NASDAQ HRMY opened at $38.02 on Tuesday. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. Harmony Biosciences has a 12-month low of $25.52 and a 12-month high of $43.49. The company has a market capitalization of $2.21 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 0.32 and a beta of 1.01. The firm’s 50 day moving average is $40.13 and its 200-day moving average is $35.12.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.32. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The company had revenue of $261.28 million for the quarter, compared to the consensus estimate of $250.77 million. During the same period last year, the company earned $0.92 earnings per share. The firm’s revenue was up 30.3% compared to the same quarter last year. Equities research analysts anticipate that Harmony Biosciences will post 3.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Harmony Biosciences

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. Insiders have sold 72,406 shares of company stock valued at $3,108,520 over the last 90 days. 11.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Harmony Biosciences

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Harmony Biosciences during the second quarter worth about $258,583,000. Dimensional Fund Advisors LP grew its holdings in shares of Harmony Biosciences by 13.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company’s stock worth $58,157,000 after purchasing an additional 245,784 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Harmony Biosciences by 109.9% during the 1st quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company’s stock worth $56,529,000 after purchasing an additional 1,056,507 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Harmony Biosciences by 0.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,077,371 shares of the company’s stock worth $30,177,000 after purchasing an additional 6,900 shares in the last quarter. Finally, Armistice Capital LLC acquired a new stake in shares of Harmony Biosciences during the 4th quarter worth $18,710,000. 86.23% of the stock is owned by institutional investors.

Harmony Biosciences News Summary

Here are the key news stories impacting Harmony Biosciences this week:

• Positive Sentiment: HC Wainwright reaffirmed its Buy rating and set a $55 price target, implying substantial upside from the stock’s current level. HC Wainwright reaffirms Buy rating and $55 price target
• Positive Sentiment: Needham & Company also reaffirmed its Buy rating and established a $50 price target, signaling continued analyst confidence in Harmony’s growth outlook. Harmony Biosciences earns Buy rating from Needham
• Neutral Sentiment: Harmony announced that COO Peter Anastasiou will become president and CEO as part of a planned transition intended to support the company’s next phase of growth. The appointment provides continuity from an existing executive, but investors may remain cautious while evaluating the strategic implications of the change. Harmony promotes COO Peter Anastasiou to President and CEO

About Harmony Biosciences

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.