Zacks Research Upgrades Harmony Biosciences (NASDAQ:HRMY) to “Strong-Buy”

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

Several other equities analysts have also weighed in on HRMY. Wall Street Zen upgraded shares of Harmony Biosciences from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Harmony Biosciences in a research report on Monday, December 29th. Oppenheimer restated an “outperform” rating and issued a $62.00 price target on shares of Harmony Biosciences in a research report on Monday, November 24th. HC Wainwright reaffirmed a “buy” rating on shares of Harmony Biosciences in a research note on Wednesday, December 3rd. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Harmony Biosciences from $54.00 to $36.00 and set a “buy” rating on the stock in a report on Thursday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Harmony Biosciences currently has a consensus rating of “Buy” and an average target price of $45.25.

Harmony Biosciences Trading Up 0.2%

Shares of HRMY opened at $36.82 on Thursday. The company has a quick ratio of 3.72, a current ratio of 3.75 and a debt-to-equity ratio of 0.18. Harmony Biosciences has a 12-month low of $25.52 and a 12-month high of $40.87. The firm has a market capitalization of $2.12 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 0.34 and a beta of 0.84. The stock’s fifty day simple moving average is $37.09 and its 200-day simple moving average is $34.16.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.05). The firm had revenue of $239.46 million during the quarter, compared to analyst estimates of $222.68 million. Harmony Biosciences had a return on equity of 24.88% and a net margin of 22.50%. As a group, research analysts predict that Harmony Biosciences will post 2.43 earnings per share for the current year.

Insider Transactions at Harmony Biosciences

In other Harmony Biosciences news, CEO Jeffrey M. Dayno sold 25,933 shares of the stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.11, for a total value of $1,040,172.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sandip Kapadia sold 20,961 shares of the firm’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $35.92, for a total value of $752,919.12. Additional details regarding this sale are available in the official SEC disclosure. 23.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in shares of Harmony Biosciences by 6.9% during the third quarter. Dimensional Fund Advisors LP now owns 1,691,581 shares of the company’s stock worth $46,620,000 after acquiring an additional 109,405 shares during the period. American Century Companies Inc. raised its stake in shares of Harmony Biosciences by 11.2% in the 3rd quarter. American Century Companies Inc. now owns 1,669,565 shares of the company’s stock valued at $46,013,000 after purchasing an additional 168,145 shares during the period. LSV Asset Management lifted its holdings in shares of Harmony Biosciences by 7.1% in the third quarter. LSV Asset Management now owns 1,594,893 shares of the company’s stock valued at $43,955,000 after purchasing an additional 106,391 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Harmony Biosciences by 42.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,295,381 shares of the company’s stock valued at $35,701,000 after purchasing an additional 388,472 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Harmony Biosciences by 36.3% during the second quarter. Marshall Wace LLP now owns 1,209,484 shares of the company’s stock worth $38,220,000 after buying an additional 321,947 shares during the period. Institutional investors and hedge funds own 86.23% of the company’s stock.

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.