Harmony Biosciences (NASDAQ:HRMY) Stock Bumped Down to "Hold" by Wall Street Zen

Key Points

• Wall Street Zen downgraded Harmony Biosciences from “Buy” to “Hold.” Despite the change, analysts’ consensus rating remained “Moderate Buy,” with an average price target of $48.
• Harmony reported quarterly EPS of $0.81, below the $1.09 consensus estimate, and revenue of $268.92 million, also short of expectations. Revenue nevertheless increased 12.3% year over year.
• Shares opened at $33.11, below their 50-day moving average of $39.36; company insiders also sold 72,406 shares over the last quarter.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Sunday, Wall Street Zen reports.

Several other research analysts have also recently commented on the company. Mizuho set a $49.00 target price on Harmony Biosciences in a research note on Thursday, October 29th. HC Wainwright restated a "buy" rating and set a $55.00 price target on shares of Harmony Biosciences in a report on Tuesday, October 13th. UBS Group reaffirmed a "neutral" rating and issued a $37.00 price target on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Wolfe Research initiated coverage on Harmony Biosciences in a research note on Wednesday, August 26th. They issued an "outperform" rating and a $60.00 price objective for the company. Finally, Oppenheimer reissued an "outperform" rating on shares of Harmony Biosciences in a research report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.00.

Harmony Biosciences Stock Performance

Shares of HRMY opened at $33.11 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.45 and a current ratio of 3.44. Harmony Biosciences has a one year low of $25.90 and a one year high of $43.49. The stock has a market cap of $1.94 billion, a P/E ratio of 10.96, a P/E/G ratio of 0.27 and a beta of 1.00. The stock has a 50-day moving average of $39.36 and a two-hundred day moving average of $34.70.

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

Insider Activity at Harmony Biosciences

In other news, insider Kumar Budur sold 35,852 shares of the firm's stock in a transaction 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 sale, the insider directly owned 13,115 shares in the company, valued at approximately $564,600.75. This trade represents a 73.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 72,406 shares of company stock valued at $3,108,520. Corporate insiders own 11.00% of the company's stock.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC raised its stake in Harmony Biosciences by 166.7% in the third quarter. Farther Finance Advisors LLC now owns 816 shares of the company's stock valued at $32,000 after buying an additional 510 shares in the last quarter. Nykredit A S acquired a new position in shares of Harmony Biosciences during the 2nd quarter worth about $33,000. Signature Equity Partners LLC acquired a new position in shares of Harmony Biosciences during the 3rd quarter worth about $37,000. Signaturefd LLC boosted its position in shares of Harmony Biosciences by 200.0% during the 3rd quarter. Signaturefd LLC now owns 1,686 shares of the company's stock worth $66,000 after acquiring an additional 1,124 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Harmony Biosciences in the 2nd quarter valued at about $65,000. Institutional investors and hedge funds own 86.23% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.