Harmony Biosciences (NASDAQ:HRMY) Downgraded by Truist Financial to Hold

Truist Financial cut shares of Harmony Biosciences (NASDAQ:HRMY) from a buy rating to a hold rating in a research note issued to investors on Monday morning, MarketBeat.com reports.

A number of other analysts also recently commented on the company. Zacks Research upgraded Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. UBS Group lowered Harmony Biosciences from a “buy” rating to a “neutral” rating and upped their price target for the stock from $43.00 to $46.00 in a research note on Wednesday, February 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $62.00 price objective on shares of Harmony Biosciences in a research note on Monday, November 24th. HC Wainwright reiterated a “buy” rating on shares of Harmony Biosciences in a report on Wednesday, December 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Harmony Biosciences in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Harmony Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $45.50.

Harmony Biosciences Stock Performance

Shares of HRMY stock opened at $26.87 on Monday. Harmony Biosciences has a one year low of $25.52 and a one year high of $40.87. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.72 and a current ratio of 3.75. The company has a 50 day moving average price of $36.79 and a 200 day moving average price of $34.24. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 8.45, a price-to-earnings-growth ratio of 0.27 and a beta of 0.84.

Insider Activity

In related news, CEO Jeffrey M. Dayno sold 25,933 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.11, for a total transaction of $1,040,172.63. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Sandip Kapadia sold 3,746 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $37.15, for a total value of $139,163.90. Following the completion of the transaction, the chief financial officer owned 24,521 shares of the company’s stock, valued at approximately $910,955.15. This represents a 13.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 50,640 shares of company stock worth $1,932,256. Company insiders own 23.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HRMY. SG Americas Securities LLC grew its holdings in Harmony Biosciences by 4,102.4% during the 4th quarter. SG Americas Securities LLC now owns 961,667 shares of the company’s stock worth $35,986,000 after acquiring an additional 938,783 shares in the last quarter. Boston Partners bought a new position in shares of Harmony Biosciences during the second quarter worth about $19,398,000. Arrowstreet Capital Limited Partnership grew its stake in Harmony Biosciences by 127.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 906,909 shares of the company’s stock worth $28,658,000 after purchasing an additional 508,498 shares in the last quarter. Armistice Capital LLC bought a new stake in Harmony Biosciences in the fourth quarter valued at about $18,710,000. Finally, AQR Capital Management LLC raised its stake in Harmony Biosciences by 128.9% during the fourth quarter. AQR Capital Management LLC now owns 813,889 shares of the company’s stock valued at $30,456,000 after buying an additional 458,321 shares in the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

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.