Harmony Biosciences (NASDAQ:HRMY) Stock Rating Lowered by Zacks Research

Harmony Biosciences (NASDAQ:HRMY) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other brokerages have also recently weighed in on HRMY. Mizuho set a $50.00 price objective on Harmony Biosciences in a research note on Thursday, February 19th. Weiss Ratings restated a “hold (c)” rating on shares of Harmony Biosciences in a report on Monday, December 29th. Wall Street Zen downgraded Harmony Biosciences from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Bank of America reduced their price target on shares of Harmony Biosciences from $32.00 to $28.00 and set an “underperform” rating on the stock in a research report on Wednesday, February 25th. Finally, UBS Group lowered their price objective on shares of Harmony Biosciences from $46.00 to $36.00 and set a “neutral” rating for the company in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Harmony Biosciences presently has an average rating of “Hold” and an average price target of $42.67.

Harmony Biosciences Price Performance

Harmony Biosciences stock opened at $26.54 on Thursday. The company’s 50 day simple moving average is $32.20 and its 200-day simple moving average is $32.84. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.58 and a current ratio of 3.60. Harmony Biosciences has a 1 year low of $25.52 and a 1 year high of $40.87. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 9.79, a price-to-earnings-growth ratio of 0.37 and a beta of 0.88.

Harmony Biosciences (NASDAQ:HRMY) last posted its earnings results on Tuesday, February 24th. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.46). The company had revenue of $243.78 million during the quarter, compared to analyst estimates of $240.04 million. Harmony Biosciences had a net margin of 18.29% and a return on equity of 19.86%. The firm’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter last year, the business posted $0.85 EPS. As a group, equities research analysts expect that Harmony Biosciences will post 2.43 earnings per share for the current year.

Insider Buying and Selling at Harmony Biosciences

In related news, CFO Sandip Kapadia sold 3,746 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $37.15, for a total transaction of $139,163.90. Following the completion of the sale, the chief financial officer owned 24,521 shares in the company, valued at $910,955.15. The trade was a 13.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 23.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC boosted its holdings in shares of Harmony Biosciences by 4,102.4% in the fourth quarter. SG Americas Securities LLC now owns 961,667 shares of the company’s stock valued at $35,986,000 after acquiring an additional 938,783 shares during the period. Boston Partners purchased a new stake in shares of Harmony Biosciences during the second quarter worth approximately $19,398,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Harmony Biosciences by 127.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 906,909 shares of the company’s stock worth $28,658,000 after purchasing an additional 508,498 shares during the period. Armistice Capital LLC purchased a new position in Harmony Biosciences during the 4th quarter worth $18,710,000. Finally, AQR Capital Management LLC raised its holdings in Harmony Biosciences by 128.9% during the fourth quarter. AQR Capital Management LLC now owns 813,889 shares of the company’s stock worth $30,456,000 after purchasing an additional 458,321 shares in the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial?stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.