Harmony Biosciences (NASDAQ:HRMY) Stock Lifted to Strong-Buy by Zacks Research

Key Points

• Zacks Research upgraded Harmony Biosciences to “strong buy” from “hold.” Analysts overall have a “Moderate Buy” consensus rating and an average price target of $48.20.
• Harmony reported quarterly revenue of $261.28 million and earnings of $1.28 per share, beating analyst estimates while revenue increased 30.3% year over year.
• Shares fell 0.8% to $37.95, while institutional investors owned 86.23% of the stock. Insiders have sold 72,406 shares worth approximately $3.1 million over the past three months.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Thursday, Zacks reports.

HRMY has been the topic of a number of other reports. Wolfe Research assumed coverage on shares of Harmony Biosciences in a research note on Wednesday, August 26th. They issued an "outperform" rating and a $60.00 price target on the stock. Needham & Company LLC reissued a "buy" rating and set a $50.00 price objective on shares of Harmony Biosciences in a research report on Monday, October 12th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $42.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 1st. LADENBURG THALM/SH SH assumed coverage on Harmony Biosciences in a research report on Thursday. They issued a "buy" rating and a $55.00 target price on the stock. Finally, Truist Financial upped their target price on Harmony Biosciences from $29.00 to $34.00 and gave the stock a "hold" rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.20.

Harmony Biosciences Stock Down 0.8%

NASDAQ HRMY traded down $0.32 during trading on Thursday, reaching $37.95. 892,251 shares of the company's stock were exchanged, compared to its average volume of 994,860. The company has a current ratio of 3.48, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13. Harmony Biosciences has a fifty-two week low of $25.52 and a fifty-two week high of $43.49. The company's fifty day simple moving average is $40.06 and its 200-day simple moving average is $35.36. The firm has a market capitalization of $2.21 billion, a PE ratio of 12.32, a P/E/G ratio of 0.30 and a beta of 1.01.

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

Insider Activity

In related news, insider Kumar Budur sold 35,852 shares of the company'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 completion of the sale, the insider directly owned 13,115 shares in the company, valued at approximately $564,600.75. This represents a 73.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders have sold 72,406 shares of company stock valued at $3,108,520. 11.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Harmony Biosciences

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Harmony Biosciences in the second quarter valued at approximately $258,583,000. Dimensional Fund Advisors LP raised its position in shares of Harmony Biosciences by 13.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company's stock valued at $58,157,000 after buying an additional 245,784 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Harmony Biosciences by 109.9% during the first quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company's stock valued at $56,529,000 after buying an additional 1,056,507 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Harmony Biosciences by 0.6% in the first quarter. Renaissance Technologies LLC now owns 1,077,371 shares of the company's stock valued at $30,177,000 after buying an additional 6,900 shares during the period. Finally, venBio Partners LLC bought a new stake in shares of Harmony Biosciences in the second quarter valued at about $17,192,584. 86.23% of the stock is currently owned by institutional investors.

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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