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

Harmony Biosciences (NASDAQ:HRMY) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday, Zacks reports.

HRMY has been the topic of a number of other reports. Needham & Company LLC reissued a “buy” rating and set a $50.00 target price on shares of Harmony Biosciences in a research report on Monday, October 12th. HC Wainwright reiterated a “buy” rating and issued a $55.00 price objective on shares of Harmony Biosciences in a report on Tuesday. 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. Wolfe Research initiated coverage on Harmony Biosciences in a research note on Wednesday, August 26th. They set an “outperform” rating and a $60.00 target price for the company. Finally, Mizuho lifted their target price on Harmony Biosciences from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Harmony Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.20.

Harmony Biosciences Stock Down 0.8%

NASDAQ HRMY traded down $0.32 during trading hours on Thursday, hitting $37.95. The company had a trading volume of 892,251 shares, compared to its average volume of 994,860. The firm’s 50 day moving average is $40.06 and its 200 day moving average is $35.36. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.48 and a quick ratio of 3.45. Harmony Biosciences has a fifty-two week low of $25.52 and a fifty-two week high of $43.49. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 0.30 and a beta of 1.01.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 EPS for the quarter, topping 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 company had revenue of $261.28 million for the quarter, compared to analysts’ expectations of $250.77 million. During the same quarter in the previous year, the firm posted $0.92 earnings per share. The firm’s quarterly revenue was up 30.3% on a year-over-year basis. Sell-side 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 related news, insider Kumar Budur sold 35,852 shares of Harmony Biosciences 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 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 Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 72,406 shares of company stock worth $3,108,520 over the last three months. 11.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HRMY. BlackRock Inc. bought a new stake in shares of Harmony Biosciences in the 2nd quarter worth about $258,583,000. Dimensional Fund Advisors LP raised its stake in shares of Harmony Biosciences by 13.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company’s stock valued at $58,157,000 after purchasing an additional 245,784 shares in the last quarter. SG Americas Securities LLC lifted its position 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 worth $56,529,000 after purchasing an additional 1,056,507 shares during the last quarter. Renaissance Technologies LLC lifted its position 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 worth $30,177,000 after purchasing an additional 6,900 shares during the last quarter. Finally, venBio Partners LLC acquired a new position in Harmony Biosciences in the second quarter worth about $17,192,584. 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.