Harmony Biosciences (NASDAQ:HRMY) Upgraded at Zacks Research

Zacks Research upgraded shares of Harmony Biosciences (NASDAQ:HRMY) from a hold rating to a strong-buy rating in a report issued on Thursday morning,Zacks.com reports.

A number of other research analysts have also issued reports on HRMY. Deutsche Bank Aktiengesellschaft reduced their price objective on Harmony Biosciences from $54.00 to $36.00 and set a “buy” rating for the company in a research report on Thursday, September 25th. Needham & Company LLC reissued a “buy” rating and set a $42.00 price target on shares of Harmony Biosciences in a report on Monday, November 24th. Mizuho upped their price target on shares of Harmony Biosciences from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, December 1st. Oppenheimer reiterated an “outperform” rating and issued a $62.00 price objective on shares of Harmony Biosciences in a research report on Monday, November 24th. Finally, HC Wainwright reissued a “buy” rating on shares of Harmony Biosciences in a research note on Wednesday, December 3rd. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $45.25.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY opened at $36.82 on Thursday. The company has a current ratio of 3.75, a quick ratio of 3.72 and a debt-to-equity ratio of 0.18. Harmony Biosciences has a 52 week low of $25.52 and a 52 week high of $40.87. The company’s 50-day moving average price is $37.09 and its 200 day moving average price is $34.17. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 0.34 and a beta of 0.84.

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

Insider Transactions at Harmony Biosciences

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

Institutional Trading of Harmony Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue grew its position in Harmony Biosciences by 66.2% in the fourth quarter. State of Alaska Department of Revenue now owns 39,485 shares of the company’s stock worth $1,476,000 after buying an additional 15,721 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Harmony Biosciences by 0.6% during the 4th 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. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Harmony Biosciences in the 4th quarter worth $260,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Harmony Biosciences by 9.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 20,725 shares of the company’s stock worth $776,000 after acquiring an additional 1,811 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its position in shares of Harmony Biosciences by 11.9% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 96,733 shares of the company’s stock worth $3,620,000 after purchasing an additional 10,259 shares during the period. 86.23% of the stock is owned by institutional investors and hedge funds.

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.