Harmony Biosciences (NASDAQ:HRMY) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Harmony Biosciences (NASDAQ:HRMY) from a hold rating to a strong sell rating in a research note published on Thursday morning,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. Bank of America dropped their price objective on shares of Harmony Biosciences from $32.00 to $28.00 and set an “underperform” rating on the stock in a report on Wednesday, February 25th. Deutsche Bank Aktiengesellschaft lowered Harmony Biosciences from a “buy” rating to a “hold” rating and set a $31.00 target price for the company. in a research note on Monday, February 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Harmony Biosciences in a research note on Monday, December 29th. Needham & Company LLC cut their price objective on Harmony Biosciences from $46.00 to $44.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. Finally, HC Wainwright restated a “buy” rating and issued a $55.00 price objective on shares of Harmony Biosciences in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Harmony Biosciences has a consensus rating of “Hold” and an average price target of $42.67.

Harmony Biosciences Stock Performance

NASDAQ:HRMY opened at $26.54 on Thursday. The stock has a market capitalization of $1.54 billion, a P/E ratio of 9.79, a P/E/G ratio of 0.36 and a beta of 0.88. Harmony Biosciences has a 12-month low of $25.52 and a 12-month high of $40.87. The company has a current ratio of 3.60, a quick ratio of 3.58 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average price of $32.20 and a 200 day moving average price of $32.83.

Harmony Biosciences (NASDAQ:HRMY) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.46). Harmony Biosciences had a return on equity of 19.86% and a net margin of 18.29%.The business had revenue of $243.78 million for the quarter, compared to analyst estimates of $240.04 million. During the same period in the previous year, the company posted $0.85 earnings per share. The business’s revenue for the quarter was up 21.1% on a year-over-year basis. Equities research analysts forecast that Harmony Biosciences will post 2.43 EPS for the current fiscal year.

Insider Activity

In related news, CFO Sandip Kapadia sold 20,961 shares of the business’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $35.92, for a total transaction of $752,919.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 23.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HRMY. Hsbc Holdings PLC raised its stake in shares of Harmony Biosciences by 59.8% during the 4th quarter. Hsbc Holdings PLC now owns 58,589 shares of the company’s stock valued at $2,193,000 after buying an additional 21,919 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Harmony Biosciences by 30.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 17,783 shares of the company’s stock worth $665,000 after buying an additional 4,148 shares during the last quarter. Invesco Ltd. grew its holdings in Harmony Biosciences by 11.8% during the fourth quarter. Invesco Ltd. now owns 450,805 shares of the company’s stock worth $16,869,000 after acquiring an additional 47,517 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Harmony Biosciences during the fourth quarter worth about $525,000. Finally, State of Tennessee Department of Treasury raised its position in Harmony Biosciences by 37.0% during the fourth quarter. State of Tennessee Department of Treasury now owns 36,150 shares of the company’s stock valued at $1,320,000 after acquiring an additional 9,768 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

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.