Harmony Biosciences (NASDAQ:HRMY) Stock Rating Lowered by Truist Financial

Harmony Biosciences (NASDAQ:HRMY) was downgraded by stock analysts at Truist Financial from a “buy” rating to a “hold” rating in a note issued to investors on Monday,Finviz reports.

A number of other research analysts also recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Harmony Biosciences in a research note on Monday, December 29th. Oppenheimer reaffirmed an “outperform” rating and issued a $62.00 price target on shares of Harmony Biosciences in a research note on Monday, November 24th. HC Wainwright restated a “buy” rating on shares of Harmony Biosciences in a research note on Wednesday, December 3rd. Mizuho set a $50.00 price objective on shares of Harmony Biosciences in a research note on Thursday. Finally, Wall Street Zen raised shares of Harmony Biosciences from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $45.50.

Harmony Biosciences Trading Down 15.2%

Shares of HRMY opened at $29.16 on Monday. The stock’s fifty day simple moving average is $37.03 and its 200-day simple moving average is $34.29. The firm has a market capitalization of $1.68 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 0.27 and a beta of 0.84. Harmony Biosciences has a 12-month low of $25.52 and a 12-month high of $40.87. The company has a quick ratio of 3.72, a current ratio of 3.75 and a debt-to-equity ratio of 0.18.

Insiders Place Their Bets

In other Harmony Biosciences news, CFO Sandip Kapadia sold 3,746 shares of the company’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $37.15, for a total transaction of $139,163.90. Following the completion of the sale, the chief financial officer directly owned 24,521 shares in the company, valued at $910,955.15. This represents a 13.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jeffrey M. Dayno sold 25,933 shares of the company’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $40.11, for a total value of $1,040,172.63. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 50,640 shares of company stock valued at $1,932,256. Corporate insiders own 23.60% of the company’s stock.

Institutional Trading of Harmony Biosciences

A number of hedge funds have recently added to or reduced their stakes in HRMY. EverSource Wealth Advisors LLC boosted its stake in shares of Harmony Biosciences by 589.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company’s stock valued at $28,000 after purchasing an additional 643 shares during the last quarter. Allworth Financial LP boosted its stake in Harmony Biosciences by 286.7% during the 4th quarter. Allworth Financial LP now owns 812 shares of the company’s stock valued at $30,000 after purchasing an additional 602 shares during the last quarter. Leonteq Securities AG bought a new stake in Harmony Biosciences during the fourth quarter worth $30,000. Parkside Financial Bank & Trust raised its holdings in shares of Harmony Biosciences by 4,185.2% in the second quarter. Parkside Financial Bank & Trust now owns 1,157 shares of the company’s stock valued at $37,000 after purchasing an additional 1,130 shares during the last quarter. Finally, National Bank of Canada FI purchased a new stake in Harmony Biosciences in the 3rd quarter valued at about $40,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

About Harmony Biosciences

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.