Harmony Biosciences (NASDAQ:HRMY) Downgraded by Zacks Research to Hold

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

A number of other research firms also recently issued reports on HRMY. Truist Financial increased their price objective on Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Oppenheimer reissued an “outperform” rating and set a $70.00 price target on shares of Harmony Biosciences in a research report on Tuesday, August 4th. Wall Street Zen upgraded shares of Harmony Biosciences from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Needham & Company LLC lifted their target price on shares of Harmony Biosciences from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, UBS Group restated a “neutral” rating and issued a $37.00 price target on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $45.50.

Harmony Biosciences Price Performance

Shares of Harmony Biosciences stock opened at $39.77 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. Harmony Biosciences has a 52-week low of $25.52 and a 52-week high of $40.87. The company has a fifty day moving average of $35.66 and a 200-day moving average of $32.65. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 12.91, a price-to-earnings-growth ratio of 0.37 and a beta of 0.96.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $250.77 million. During the same period in the prior year, the business posted $0.92 EPS. Harmony Biosciences’s quarterly revenue was up 30.3% compared to the same quarter last year. Equities research analysts expect that Harmony Biosciences will post 3.77 EPS for the current year.

Institutional Trading of Harmony Biosciences

A number of institutional investors have recently made changes to their positions in the stock. Globeflex Capital L P bought a new position in Harmony Biosciences during the second quarter valued at approximately $117,000. Kendall Capital Management purchased a new position in shares of Harmony Biosciences in the 2nd quarter worth $262,000. Quantbot Technologies LP purchased a new position in shares of Harmony Biosciences in the 2nd quarter worth $532,000. Evolve Private Wealth LLC bought a new stake in shares of Harmony Biosciences in the second quarter worth $755,000. Finally, Ieq Capital LLC purchased a new stake in Harmony Biosciences during the second quarter valued at $1,957,000. Hedge funds and other institutional investors 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.