Harmony Biosciences (NASDAQ:HRMY) Earns “Buy” Rating from HC Wainwright

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $75.00 target price on the stock. HC Wainwright’s price objective points to a potential upside of 97.32% from the company’s previous close.

HRMY has been the subject of several other reports. Oppenheimer reissued an “outperform” rating and issued a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Raymond James restated an “outperform” rating and set a $40.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research report on Monday, January 13th. Cantor Fitzgerald upped their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Mizuho increased their price objective on Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $55.00.

Harmony Biosciences Stock Performance

NASDAQ HRMY opened at $38.01 on Monday. The firm has a market cap of $2.17 billion, a P/E ratio of 18.01, a price-to-earnings-growth ratio of 0.51 and a beta of 0.78. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average is $34.86 and its 200-day moving average is $35.12. Harmony Biosciences has a 12-month low of $28.14 and a 12-month high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $184.07 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. Sell-side analysts predict that Harmony Biosciences will post 2.43 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Jeffrey Dierks sold 10,507 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $37.01, for a total value of $388,864.07. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeffrey M. Dayno sold 19,293 shares of Harmony Biosciences stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total value of $774,228.09. The disclosure for this sale can be found here. Insiders have sold a total of 77,419 shares of company stock valued at $3,082,455 over the last ninety days. Company insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. boosted its position in shares of Harmony Biosciences by 18.2% during the fourth quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock valued at $78,452,000 after buying an additional 351,582 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Harmony Biosciences by 13.3% during the second quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company’s stock valued at $28,871,000 after purchasing an additional 112,197 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Harmony Biosciences by 27.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 660,391 shares of the company’s stock worth $26,416,000 after purchasing an additional 140,690 shares during the last quarter. Millennium Management LLC grew its position in Harmony Biosciences by 51.6% in the 2nd quarter. Millennium Management LLC now owns 307,420 shares of the company’s stock worth $9,275,000 after purchasing an additional 104,691 shares during the period. Finally, Marshall Wace LLP raised its stake in Harmony Biosciences by 145.4% during the 2nd quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock valued at $9,220,000 after buying an additional 181,092 shares during the last quarter. Institutional investors own 86.23% of the company’s stock.

About Harmony Biosciences

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.