Harmony Biosciences’ (HRMY) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research report released on Tuesday, Marketbeat Ratings reports. HC Wainwright currently has a $55.00 target price on the stock.

Other research analysts have also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of Harmony Biosciences in a report on Monday. Oppenheimer reiterated an “outperform” rating on shares of Harmony Biosciences in a research report on Thursday, September 24th. Wall Street Zen raised Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $42.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 1st. Finally, Truist Financial upped their price target on Harmony Biosciences from $29.00 to $34.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.20.

Harmony Biosciences Price Performance

Shares of HRMY stock opened at $38.27 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.48 and a quick ratio of 3.45. The company has a market capitalization of $2.23 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 0.30 and a beta of 1.01. The firm’s 50-day moving average is $40.07 and its two-hundred day moving average is $35.34. Harmony Biosciences has a 12 month low of $25.52 and a 12 month high of $43.49.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly 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. The business had revenue of $261.28 million during the quarter, compared to analysts’ expectations of $250.77 million. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The business’s revenue for the quarter was up 30.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.92 EPS. Analysts predict that Harmony Biosciences will post 3.79 earnings per share for the current year.

Insider Activity

In other news, insider Kumar Budur sold 35,852 shares of the business’s stock in a transaction that occurred 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 sale, the insider directly owned 13,115 shares of the company’s stock, valued at approximately $564,600.75. The trade was a 73.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have sold 72,406 shares of company stock valued at $3,108,520. 11.00% of the stock is currently owned by insiders.

Institutional Trading of Harmony Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board purchased a new position in shares of Harmony Biosciences during the second quarter worth $1,209,000. Chase Investment Counsel Corp purchased a new stake in shares of Harmony Biosciences in the 2nd quarter valued at $1,820,000. The Manufacturers Life Insurance Company acquired a new position in Harmony Biosciences during the 2nd quarter worth about $870,000. Aurora Investment Counsel acquired a new position in Harmony Biosciences during the 2nd quarter worth about $2,372,000. Finally, Deutsche Bank AG purchased a new position in Harmony Biosciences during the 2nd quarter valued at about $3,700,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial-stage 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.