Jefferies Financial Group Lowers Harmony Biosciences (NASDAQ:HRMY) to Hold

Jefferies Financial Group cut shares of Harmony Biosciences (NASDAQ:HRMYGet Rating) from a buy rating to a hold rating in a report issued on Wednesday morning, MarketBeat reports. They currently have $57.00 price objective on the stock. Jefferies Financial Group also issued estimates for Harmony Biosciences’ Q3 2022 earnings at $0.35 EPS, Q4 2022 earnings at $0.39 EPS, FY2022 earnings at $1.37 EPS, FY2023 earnings at $2.94 EPS, FY2024 earnings at $5.18 EPS, FY2025 earnings at $7.26 EPS and FY2026 earnings at $9.12 EPS.

A number of other research analysts also recently commented on the company. Oppenheimer upped their price objective on Harmony Biosciences from $55.00 to $62.00 and gave the stock an outperform rating in a research note on Wednesday, June 29th. Mizuho assumed coverage on Harmony Biosciences in a research note on Wednesday, July 6th. They set a buy rating and a $64.00 price objective for the company. The Goldman Sachs Group cut Harmony Biosciences from a buy rating to a neutral rating and set a $55.00 price target for the company. in a research note on Tuesday, July 12th. Finally, Cantor Fitzgerald assumed coverage on Harmony Biosciences in a research note on Thursday, April 14th. They issued an overweight rating and a $63.00 price target for the company. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $59.86.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY opened at $52.50 on Wednesday. Harmony Biosciences has a twelve month low of $26.25 and a twelve month high of $57.13. The company has a current ratio of 4.91, a quick ratio of 4.88 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 55.26 and a beta of 0.33. The business has a 50 day simple moving average of $49.55 and a 200-day simple moving average of $45.07.

Harmony Biosciences (NASDAQ:HRMYGet Rating) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). Harmony Biosciences had a return on equity of 60.12% and a net margin of 15.95%. During the same period in the prior year, the company earned $0.54 EPS. As a group, equities research analysts expect that Harmony Biosciences will post 1.33 earnings per share for the current year.

Insider Activity

In other news, Director Jack Nielsen sold 3,058 shares of the company’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $55.01, for a total value of $168,220.58. Following the completion of the sale, the director now owns 3,421,238 shares in the company, valued at $188,202,302.38. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Andreas Wicki sold 12,640 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $52.67, for a total transaction of $665,748.80. Following the completion of the sale, the director now directly owns 3,620,124 shares of the company’s stock, valued at $190,671,931.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jack Nielsen sold 3,058 shares of the company’s stock in a transaction on Monday, July 11th. The shares were sold at an average price of $55.01, for a total value of $168,220.58. Following the sale, the director now directly owns 3,421,238 shares of the company’s stock, valued at $188,202,302.38. The disclosure for this sale can be found here. Insiders sold a total of 502,307 shares of company stock worth $26,998,410 over the last 90 days. 34.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Harmony Biosciences

Several hedge funds have recently modified their holdings of the stock. Royce & Associates LP lifted its holdings in shares of Harmony Biosciences by 4.8% during the second quarter. Royce & Associates LP now owns 268,197 shares of the company’s stock valued at $13,080,000 after purchasing an additional 12,390 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of Harmony Biosciences during the second quarter valued at $319,000. Lisanti Capital Growth LLC purchased a new stake in shares of Harmony Biosciences during the second quarter valued at $14,820,000. New York State Teachers Retirement System lifted its holdings in shares of Harmony Biosciences by 108.0% during the second quarter. New York State Teachers Retirement System now owns 14,462 shares of the company’s stock valued at $705,000 after purchasing an additional 7,510 shares during the last quarter. Finally, Calamos Advisors LLC acquired a new position in Harmony Biosciences during the second quarter valued at $2,881,000. 75.62% of the stock is owned by hedge funds and other institutional investors.

About Harmony Biosciences

(Get Rating)

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, develops and commercializes therapies for patients with rare neurological disorders in the United States. Its product, WAKIX is a medication for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.

Read More

Analyst Recommendations for Harmony Biosciences (NASDAQ:HRMY)

Receive News & Ratings for Harmony Biosciences Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmony Biosciences and related companies with MarketBeat.com's FREE daily email newsletter.