HC Wainwright Issues Pessimistic Forecast for Harmony Biosciences (NASDAQ:HRMY) Stock Price

Harmony Biosciences (NASDAQ:HRMY) had its target price reduced by HC Wainwright from $75.00 to $70.00 in a research report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC reissued a “buy” rating and set a $50.00 price target on shares of Harmony Biosciences in a report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Harmony Biosciences in a report on Tuesday, February 11th. They set a “buy” rating and a $55.00 price target for the company. Oppenheimer reissued an “outperform” rating and set a $59.00 price target (up previously from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Mizuho reduced their price target on shares of Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Finally, Cantor Fitzgerald upped their price objective on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $53.11.

Harmony Biosciences Stock Performance

Harmony Biosciences stock opened at $33.85 on Thursday. The company has a market cap of $1.94 billion, a PE ratio of 16.04, a P/E/G ratio of 0.47 and a beta of 0.80. The company has a fifty day moving average price of $36.63 and a two-hundred day moving average price of $35.79. 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 has a 12 month low of $28.14 and a 12 month high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The company had revenue of $201.30 million during the quarter, compared to the consensus estimate of $201.25 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was up 19.5% compared to the same quarter last year. Research analysts expect that Harmony Biosciences will post 2.43 earnings per share for the current year.

Insiders Place Their Bets

In other Harmony Biosciences news, insider Jeffrey Dierks sold 1,123 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $40.00, for a total value of $44,920.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Sandip Kapadia sold 1,775 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $38.05, for a total transaction of $67,538.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,452 shares of company stock worth $2,831,679. 30.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Hillsdale Investment Management Inc. raised its position in Harmony Biosciences by 0.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 68,000 shares of the company’s stock worth $2,340,000 after acquiring an additional 300 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Harmony Biosciences by 21.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after buying an additional 360 shares during the period. O Shaughnessy Asset Management LLC raised its holdings in Harmony Biosciences by 2.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 20,450 shares of the company’s stock worth $704,000 after buying an additional 420 shares during the period. GAMMA Investing LLC raised its holdings in Harmony Biosciences by 92.6% during the 4th quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after buying an additional 436 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in Harmony Biosciences by 28.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company’s stock worth $80,000 after buying an additional 519 shares during the period. 86.23% of the stock is currently owned by institutional investors.

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.