Harmony Biosciences (NASDAQ:HRMY) Coverage Initiated by Analysts at HC Wainwright

Research analysts at HC Wainwright began coverage on shares of Harmony Biosciences (NASDAQ:HRMY) in a research note issued on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $75.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 124.01% from the stock’s current price.

Several other brokerages have also recently issued reports on HRMY. Mizuho lifted their target price on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research report on Tuesday, October 29th. Cantor Fitzgerald boosted their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Raymond James reiterated an “outperform” rating and set a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. Finally, UBS Group started coverage on shares of Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target for the company. Two analysts have rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Harmony Biosciences has an average rating of “Moderate Buy” and a consensus target price of $49.80.

Harmony Biosciences Price Performance

HRMY stock opened at $33.48 on Tuesday. Harmony Biosciences has a 1 year low of $28.14 and a 1 year high of $41.61. The stock has a market capitalization of $1.91 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 0.60 and a beta of 0.79. The company’s 50-day moving average is $34.27 and its 200-day moving average is $34.07. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business had revenue of $186.00 million during the quarter, compared to the consensus estimate of $184.07 million. During the same quarter last year, the firm posted $0.63 EPS. Harmony Biosciences’s revenue was up 16.0% compared to the same quarter last year. Equities research analysts expect that Harmony Biosciences will post 2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jeffrey Dierks sold 21,496 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 30.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. lifted its stake in Harmony Biosciences by 0.6% in the 2nd quarter. Pacer Advisors Inc. now owns 2,509,609 shares of the company’s stock worth $75,715,000 after purchasing an additional 14,695 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Harmony Biosciences by 13.3% in the second quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company’s stock worth $28,871,000 after purchasing an additional 112,197 shares during the last quarter. American Century Companies Inc. raised its stake in Harmony Biosciences by 53.7% in the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after purchasing an additional 238,140 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Harmony Biosciences by 27.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 660,391 shares of the company’s stock valued at $26,416,000 after purchasing an additional 140,690 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Harmony Biosciences by 56.7% in the 2nd quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock worth $17,975,000 after buying an additional 215,700 shares during the last quarter. Institutional investors own 86.23% of the company’s stock.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.