Harmony Biosciences (NASDAQ:HRMY) Now Covered by LADENBURG THALM/SH SH

Key Points

• LADENBURG THALM/SH SH initiated coverage of Harmony Biosciences with a “buy” rating and a $55 price target, implying 46.63% upside from the prior close.
• Analyst sentiment is broadly positive: seven analysts rate the stock a Buy, four Hold, and one Sell, resulting in a “Moderate Buy” consensus and average target price of $48.20.
• Harmony reported quarterly EPS of $1.28 versus the $0.96 consensus estimate, while revenue rose 30.3% year over year to $261.28 million.

Equities researchers at LADENBURG THALM/SH SH started coverage on shares of Harmony Biosciences (NASDAQ:HRMY - Get Free Report) in a research note issued on Thursday, Briefing.com reports. The brokerage set a "buy" rating and a $55.00 price target on the stock. LADENBURG THALM/SH SH's price target indicates a potential upside of 46.63% from the stock's previous close.

Several other equities research analysts also recently weighed in on HRMY. Wall Street Zen upgraded Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Oppenheimer reaffirmed an "outperform" rating on shares of Harmony Biosciences in a research report on Thursday, September 24th. UBS Group restated a "neutral" rating and set a $37.00 price objective on shares of Harmony Biosciences in a research note on Wednesday, August 5th. HC Wainwright restated a "buy" rating and issued a $55.00 target price on shares of Harmony Biosciences in a research note on Tuesday. Finally, Truist Financial raised their price target on Harmony Biosciences from $29.00 to $34.00 and gave the stock a "hold" rating in a report on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Harmony Biosciences has a consensus rating of "Moderate Buy" and an average target price of $48.20.

Harmony Biosciences Price Performance

Shares of Harmony Biosciences stock opened at $37.51 on Thursday. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 0.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. The stock has a 50 day moving average price of $40.08 and a 200-day moving average price of $35.26. Harmony Biosciences has a one year low of $25.52 and a one year high of $43.49.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.32. Harmony Biosciences had a return on equity of 20.06% and a net margin of 18.88%. The firm had revenue of $261.28 million for the quarter, compared to the consensus estimate of $250.77 million. During the same quarter in the previous year, the company posted $0.92 EPS. The company's revenue for the quarter was up 30.3% compared to the same quarter last year. Equities analysts expect that Harmony Biosciences will post 3.79 EPS for the current year.

Insiders Place Their Bets

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of the business's stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $43.05, for a total value of $1,543,428.60. Following the completion of the transaction, the insider directly owned 13,115 shares of the company's stock, valued at approximately $564,600.75. The trade was a 73.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 72,406 shares of company stock worth $3,108,520 in the last three months. 11.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HRMY. Farther Finance Advisors LLC raised its holdings in Harmony Biosciences by 166.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 816 shares of the company's stock worth $32,000 after purchasing an additional 510 shares during the period. Argent Capital Management LLC purchased a new position in Harmony Biosciences in the 3rd quarter valued at $647,000. Envestnet Portfolio Solutions Inc. boosted its position in Harmony Biosciences by 4.7% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 17,566 shares of the company's stock worth $640,000 after acquiring an additional 787 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Harmony Biosciences during the 2nd quarter worth approximately $65,000. Finally, IFP Advisors Inc boosted its stake in Harmony Biosciences by 4.6% during the second quarter. IFP Advisors Inc now owns 8,102 shares of the company's stock worth $295,000 after buying an additional 353 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

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.

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