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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research report issued to clients and investors on Tuesday, MarketBeat reports. They currently have a $55.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 44.77% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Oppenheimer reissued an “outperform” rating on shares of Harmony Biosciences in a research report on Thursday, September 24th. Truist Financial lifted their target price on shares of Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Zacks Research cut shares of Harmony Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. UBS Group reissued a “neutral” rating and set a $37.00 price objective on shares of Harmony Biosciences in a report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $42.00 price objective on shares of Harmony Biosciences in a report on Thursday, October 1st. 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 company. Based on data from MarketBeat, Harmony Biosciences has an average rating of “Hold” and an average target price of $47.44.

Harmony Biosciences Trading Up 2.6%

Shares of HRMY traded up $0.96 during trading hours on Tuesday, reaching $37.99. 233,715 shares of the company traded hands, compared to its average volume of 864,409. The company’s fifty day moving average price is $40.09 and its two-hundred day moving average price is $35.19. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 0.30 and a beta of 1.01. 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.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $250.77 million. During the same period last year, the company posted $0.92 EPS. Harmony Biosciences’s revenue was up 30.3% on a year-over-year basis. Equities research analysts predict that Harmony Biosciences will post 3.79 earnings per share for the current fiscal year.

Insider Transactions at Harmony Biosciences

In related news, insider Kumar Budur sold 35,852 shares of the business’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 transaction of $1,543,428.60. Following the completion of the sale, the insider directly owned 13,115 shares in the company, valued at approximately $564,600.75. The trade was a 73.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 72,406 shares of company stock worth $3,108,520 in the last three months. Insiders own 11.00% of the company’s stock.

Institutional Trading of Harmony Biosciences

Several large investors have recently added to or reduced their stakes in HRMY. Farther Finance Advisors LLC grew its position in Harmony Biosciences by 166.7% during the third quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock valued at $32,000 after buying an additional 510 shares during the period. Nykredit A S purchased a new stake in Harmony Biosciences in the 2nd quarter worth approximately $33,000. Integrated Wealth Concepts LLC purchased a new stake in Harmony Biosciences in the 2nd quarter worth approximately $65,000. Allworth Financial LP purchased a new stake in Harmony Biosciences in the 2nd quarter worth approximately $71,000. Finally, State of Wyoming purchased a new stake in Harmony Biosciences in the 2nd quarter worth approximately $83,000. 86.23% of the stock is currently 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.