HC Wainwright Reaffirms “Buy” Rating for Harmony Biosciences (NASDAQ:HRMY)

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reissued by HC Wainwright in a note issued to investors on Thursday,Benzinga reports. They presently have a $55.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 65.25% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Truist Financial upped their target price on shares of Harmony Biosciences from $25.00 to $29.00 and gave the stock a “hold” rating in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft raised their price target on Harmony Biosciences from $30.00 to $36.00 and gave the company a “hold” rating in a research report on Tuesday, June 30th. Weiss Ratings raised Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Finally, Zacks Research upgraded Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.50.

Harmony Biosciences Price Performance

NASDAQ:HRMY traded down $1.62 during trading hours on Thursday, hitting $33.28. 785,387 shares of the company’s stock traded hands, compared to its average volume of 848,795. Harmony Biosciences has a 52 week low of $25.52 and a 52 week high of $40.87. The business’s fifty day simple moving average is $33.37 and its two-hundred day simple moving average is $32.73. The company has a quick ratio of 3.56, a current ratio of 3.58 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.93 billion, a P/E ratio of 13.39, a P/E/G ratio of 0.33 and a beta of 0.94.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.21). The business had revenue of $215.39 million during the quarter, compared to analysts’ expectations of $220.84 million. Harmony Biosciences had a net margin of 16.20% and a return on equity of 17.19%. The business’s revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.78 EPS. On average, research analysts anticipate that Harmony Biosciences will post 3.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. boosted its holdings in Harmony Biosciences by 0.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 47,085 shares of the company’s stock worth $1,762,000 after acquiring an additional 298 shares in the last quarter. Nebula Research & Development LLC increased its holdings in shares of Harmony Biosciences by 2.0% during the second quarter. Nebula Research & Development LLC now owns 17,403 shares of the company’s stock valued at $550,000 after acquiring an additional 348 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Harmony Biosciences by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company’s stock worth $717,000 after purchasing an additional 532 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Harmony Biosciences by 25.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,799 shares of the company’s stock worth $105,000 after purchasing an additional 575 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in Harmony Biosciences by 286.7% in the 4th quarter. Allworth Financial LP now owns 812 shares of the company’s stock worth $30,000 after purchasing an additional 602 shares in the last quarter. Institutional investors 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.