Harmony Biosciences (NASDAQ:HRMY) Upgraded by Zacks Research to “Strong-Buy” Rating

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

A number of other equities analysts have also recently issued reports on HRMY. Mizuho raised their price objective on shares of Harmony Biosciences from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday, December 1st. Oppenheimer reissued an “outperform” rating and issued a $62.00 price target on shares of Harmony Biosciences in a research note on Monday, November 24th. HC Wainwright restated a “buy” rating on shares of Harmony Biosciences in a research report on Wednesday, December 3rd. UBS Group decreased their price objective on Harmony Biosciences from $50.00 to $43.00 and set a “buy” rating for the company in a research note on Wednesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Harmony Biosciences from $54.00 to $36.00 and set a “buy” rating for the company in a report on Thursday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Harmony Biosciences presently has an average rating of “Buy” and an average price target of $45.25.

Harmony Biosciences Stock 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 1-year low of $25.52 and a 1-year high of $40.87. The stock has a market capitalization of $2.12 billion, a P/E ratio of 11.58, a P/E/G ratio of 0.34 and a beta of 0.84. The business has a 50-day moving average price of $37.09 and a two-hundred day moving average price of $34.16.

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 the consensus estimate of $0.92 by ($0.05). Harmony Biosciences had a net margin of 22.50% and a return on equity of 24.88%. The business had revenue of $239.46 million during the quarter, compared to the consensus estimate of $222.68 million. Equities analysts predict that Harmony Biosciences will post 2.43 earnings per share for the current year.

Insider Transactions at Harmony Biosciences

In other news, CEO Jeffrey M. Dayno sold 25,933 shares of the firm’s stock in a transaction dated 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 is accessible through this link. Also, CFO Sandip Kapadia sold 20,961 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $35.92, for a total transaction of $752,919.12. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 23.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HRMY. SG Americas Securities LLC raised its position in Harmony Biosciences by 4,102.4% in the 4th quarter. SG Americas Securities LLC now owns 961,667 shares of the company’s stock valued at $35,986,000 after buying an additional 938,783 shares during the last quarter. Boston Partners bought a new position in shares of Harmony Biosciences during the 2nd quarter worth approximately $19,398,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Harmony Biosciences by 127.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 906,909 shares of the company’s stock valued at $28,658,000 after purchasing an additional 508,498 shares during the last quarter. UBS Group AG lifted its position in shares of Harmony Biosciences by 213.3% in the third quarter. UBS Group AG now owns 503,081 shares of the company’s stock worth $13,865,000 after purchasing an additional 342,505 shares in the last quarter. Finally, Nomura Holdings Inc. lifted its position in shares of Harmony Biosciences by 382.3% in the second quarter. Nomura Holdings Inc. now owns 422,919 shares of the company’s stock worth $13,364,000 after purchasing an additional 335,237 shares in the last quarter. 86.23% of the stock is currently owned by 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.