Harmony Biosciences (NASDAQ:HRMY) Stock Rating Raised to Strong-Buy at Zacks Research

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

Several other research analysts have also weighed in on HRMY. LADENBURG THALM/SH SH began coverage on Harmony Biosciences in a research report on Thursday. They issued a “buy” rating and a $55.00 target price on the stock. Truist Financial lifted their price target on Harmony Biosciences from $29.00 to $34.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. HC Wainwright reiterated a “buy” rating and set a $55.00 price target on shares of Harmony Biosciences in a report on Tuesday. UBS Group reissued a “neutral” rating and issued a $37.00 price target on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Finally, Wall Street Zen upgraded Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.20.

Harmony Biosciences Stock Down 0.8%

Shares of Harmony Biosciences stock traded down $0.32 on Thursday, hitting $37.95. 892,251 shares of the company traded hands, compared to its average volume of 994,860. The company has a 50-day moving average price of $40.06 and a 200 day moving average price of $35.36. The company has a quick ratio of 3.45, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. Harmony Biosciences has a 12-month low of $25.52 and a 12-month high of $43.49. The company has a market cap of $2.21 billion, a PE ratio of 12.32, a PEG ratio of 0.30 and a beta of 1.01.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.32. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The business had revenue of $261.28 million for the quarter, compared to the consensus estimate of $250.77 million. During the same period in the prior year, the business posted $0.92 earnings per share. Harmony Biosciences’s revenue for the quarter was up 30.3% compared to the same quarter last year. Sell-side analysts predict that Harmony Biosciences will post 3.79 earnings per share for the current year.

Insider Buying and Selling at Harmony Biosciences

In related news, insider Kumar Budur sold 35,852 shares of Harmony Biosciences stock in a transaction on Friday, September 18th. The shares were sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the sale, the insider owned 13,115 shares of the company’s stock, valued at approximately $564,600.75. The trade was a 73.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 72,406 shares of company stock worth $3,108,520. 11.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several hedge funds have recently bought and sold shares of HRMY. Chase Investment Counsel Corp acquired a new stake in shares of Harmony Biosciences in the second quarter worth about $1,820,000. Canada Pension Plan Investment Board bought a new stake in shares of Harmony Biosciences during the 2nd quarter worth about $1,209,000. The Manufacturers Life Insurance Company acquired a new position in shares of Harmony Biosciences during the 2nd quarter valued at about $870,000. Deutsche Bank AG acquired a new position in shares of Harmony Biosciences during the 2nd quarter valued at about $3,700,000. Finally, Aurora Investment Counsel acquired a new position in shares of Harmony Biosciences during the 2nd quarter valued at about $2,372,000. 86.23% of the stock is owned by institutional investors and hedge funds.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial-stage pharmaceutical company focused on developing and marketing therapies for patients with rare neurological disorders. The company’s activities center on conditions that are often underserved by conventional treatment options, including sleep disorders and other central nervous system diseases.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled medication that acts as a histamine-3 receptor antagonist/inverse agonist.