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

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $55.00 target price on the stock. HC Wainwright’s target price would suggest a potential upside of 62.87% from the stock’s previous close.

Several other research firms have also recently weighed in on HRMY. Zacks Research upgraded shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Weiss Ratings upgraded Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft upped 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. Finally, Truist Financial raised their price objective on Harmony Biosciences from $25.00 to $29.00 and gave the stock a “hold” rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.50.

Harmony Biosciences Price Performance

NASDAQ HRMY opened at $33.77 on Thursday. The stock has a market capitalization of $1.95 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.32 and a beta of 0.94. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.56 and a current ratio of 3.58. The business’s fifty day moving average is $33.46 and its two-hundred day moving average is $32.71. Harmony Biosciences has a 1 year low of $25.52 and a 1 year high of $40.87.

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

Institutional Investors Weigh In On Harmony Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Robeco Institutional Asset Management B.V. lifted its position in 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 buying an additional 298 shares in the last quarter. Nebula Research & Development LLC increased its position in Harmony Biosciences by 2.0% in the 2nd 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 stake in shares of Harmony Biosciences by 2.4% in the second quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company’s stock worth $717,000 after acquiring an additional 532 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Harmony Biosciences by 25.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,799 shares of the company’s stock worth $105,000 after acquiring an additional 575 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Harmony Biosciences by 286.7% in the fourth quarter. Allworth Financial LP now owns 812 shares of the company’s stock worth $30,000 after acquiring an additional 602 shares during the last quarter. Institutional investors and hedge funds 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.