Harmony Biosciences (NASDAQ:HRMY) Stock Rating Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Harmony Biosciences (NASDAQ:HRMY) from a buy rating to a hold rating in a report published on Sunday morning,Wall Street Zen reports.

A number of other research firms have also weighed in on HRMY. UBS Group restated a “neutral” rating and set a $37.00 target price on shares of Harmony Biosciences in a report on Wednesday, August 5th. Mizuho set a $49.00 price target on Harmony Biosciences in a research report on Thursday, October 29th. WBB Securities upgraded Harmony Biosciences to a “hold” rating in a research note on Friday, October 23rd. Oppenheimer reaffirmed an “outperform” rating on shares of Harmony Biosciences in a research report on Thursday, September 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $50.00 target price on shares of Harmony Biosciences in a research note on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Harmony Biosciences has an average rating of “Moderate Buy” and an average price target of $48.00.

Harmony Biosciences Price Performance

Shares of HRMY opened at $33.11 on Friday. The company has a 50 day moving average price of $39.36 and a 200-day moving average price of $34.70. Harmony Biosciences has a fifty-two week low of $25.90 and a fifty-two week high of $43.49. The stock has a market capitalization of $1.94 billion, a PE ratio of 10.96, a PEG ratio of 0.27 and a beta of 1.00. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.42 and a current ratio of 3.44.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.28). The business had revenue of $268.92 million for the quarter, compared to the consensus estimate of $272.05 million. Harmony Biosciences had a net margin of 18.05% and a return on equity of 18.55%. Harmony Biosciences’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.08 earnings per share. Equities analysts predict that Harmony Biosciences will post 3.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of the firm’s stock in a transaction that occurred 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 directly owned 13,115 shares in the company, valued at $564,600.75. This trade represents a 73.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 72,406 shares of company stock worth $3,108,520 over the last three months. Corporate insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

A number of large investors have recently made changes to their positions in the business. Fifth Third Bancorp grew its holdings in shares of Harmony Biosciences by 7.4% during the third quarter. Fifth Third Bancorp now owns 40,347 shares of the company’s stock valued at $1,584,000 after buying an additional 2,793 shares during the last quarter. Maryland State Retirement & Pension System increased its position in shares of Harmony Biosciences by 89.6% in the 3rd quarter. Maryland State Retirement & Pension System now owns 11,020 shares of the company’s stock valued at $433,000 after acquiring an additional 5,209 shares during the period. Illinois Municipal Retirement Fund increased its position in shares of Harmony Biosciences by 4.3% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 19,402 shares of the company’s stock valued at $762,000 after acquiring an additional 792 shares during the period. Penn Capital Management Company LLC purchased a new position in Harmony Biosciences in the 3rd quarter worth $5,870,000. Finally, Allspring Global Investments Holdings LLC raised its stake in Harmony Biosciences by 548.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,124,717 shares of the company’s stock worth $44,505,000 after acquiring an additional 951,273 shares during the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial-stage biopharmaceutical company focused on developing and providing therapies for patients with rare neurological disorders. The company’s activities center on conditions involving sleep-wake regulation and other central nervous system disorders where treatment options may be limited.

Harmony’s principal product is WAKIX (pitolisant), an oral, non-scheduled treatment that acts as a histamine-3 receptor antagonist/inverse agonist. In the United States, WAKIX is approved for the treatment of excessive daytime sleepiness or cataplexy in adults with narcolepsy and for excessive daytime sleepiness in pediatric patients aged 6 and older with narcolepsy.