Harmony Biosciences (NASDAQ:HRMY) Stock Keeps Buy Rating at HC Wainwright

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a note issued to investors on Tuesday, Marketbeat.com reports. They presently have a $55.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 51.35% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Oppenheimer reaffirmed an “outperform” rating on shares of Harmony Biosciences in a research report on Thursday, September 24th. Wolfe Research initiated coverage on shares of Harmony Biosciences in a research report on Wednesday, August 26th. They set an “outperform” rating and a $60.00 price objective for the company. Weiss Ratings raised shares of Harmony Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Wall Street Zen raised shares of Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $42.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 1st. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $47.44.

Harmony Biosciences Stock Down 4.9%

Shares of Harmony Biosciences stock traded down $1.89 on Tuesday, hitting $36.34. 396,131 shares of the company’s stock traded hands, compared to its average volume of 861,618. The stock has a market cap of $2.12 billion, a P/E ratio of 11.78, a PEG ratio of 0.32 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. The firm’s 50-day moving average is $40.13 and its 200 day moving average is $35.12. Harmony Biosciences has a 52-week low of $25.52 and a 52-week high of $43.49.

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

Insider Activity

In other 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 transaction of $1,543,428.60. Following the completion of the transaction, the insider owned 13,115 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 72,406 shares of company stock worth $3,108,520 over the last three months. Insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Harmony Biosciences during the second quarter valued at $258,583,000. Dimensional Fund Advisors LP boosted its holdings in shares of Harmony Biosciences by 13.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company’s stock valued at $58,157,000 after acquiring an additional 245,784 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Harmony Biosciences by 109.9% during the first quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company’s stock valued at $56,529,000 after acquiring an additional 1,056,507 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Harmony Biosciences by 0.6% during the first quarter. Renaissance Technologies LLC now owns 1,077,371 shares of the company’s stock valued at $30,177,000 after acquiring an additional 6,900 shares during the period. Finally, Armistice Capital LLC bought a new stake in Harmony Biosciences during the 4th quarter valued at $18,710,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

Key Headlines Impacting Harmony Biosciences

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, representing approximately 45.6% upside from the referenced $37.79 share price. The target indicates continued confidence in Harmony’s growth outlook and valuation. HC Wainwright reaffirms Buy rating and $55 price target
• Positive Sentiment: Needham & Company reaffirmed its “Buy” rating and assigned a $50 price target, implying roughly 32.3% upside from the referenced price. The second bullish target from a research firm reinforces positive sentiment toward HRMY. Harmony Biosciences earns Buy rating from Needham
• Positive Sentiment: Peter Anastasiou, Harmony’s chief operating officer, has been promoted to president and chief executive officer. The internal promotion may provide leadership continuity and support the company’s next phase of growth. Harmony promotes COO Peter Anastasiou to CEO
• Neutral Sentiment: The CEO succession is a planned transition intended to support future growth. While an internal appointment can reduce disruption, investors may monitor execution under the new leadership and any changes to corporate strategy. Harmony announces planned CEO transition
• Neutral Sentiment: A comparison of PainReform and Harmony Biosciences provides limited company-specific information and is unlikely to be a major direct catalyst for HRMY. PainReform and Harmony Biosciences financial comparison

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.