Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) Receives Average Rating of "Hold" from Brokerages

Key Points

• Harmony Biosciences received a consensus “Hold” rating from 11 brokerages: five rated it “Buy,” five “Hold,” and one “Sell.” The average 12-month price target is $47.44, with targets ranging from $42 to $60.
• The company reported strong quarterly results, posting earnings of $1.28 per share versus the $0.96 consensus estimate and revenue of $261.28 million, up 30.3% year over year.
• Harmony shares recently opened at $39.60, near the midpoint of their 12-month range, while an insider sold 35,852 shares for approximately $1.54 million. Institutional investors own 86.23% of the company.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report) has received a consensus recommendation of "Hold" from the eleven brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $47.44.

HRMY has been the subject of several recent research reports. Needham & Company LLC upped their price target on shares of Harmony Biosciences from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Oppenheimer reissued an "outperform" rating on shares of Harmony Biosciences in a research note on Thursday, September 24th. Wolfe Research initiated coverage on Harmony Biosciences in a research report on Wednesday, August 26th. They set an "outperform" rating and a $60.00 target price for the company. Weiss Ratings upgraded Harmony Biosciences from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, August 17th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $42.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 1st.

Insider Activity

In other 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 sale, the insider directly owned 13,115 shares of the company's stock, valued at approximately $564,600.75. This represents a 73.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, 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

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

Harmony Biosciences Price Performance

Harmony Biosciences stock opened at $39.60 on Friday. The company has a current ratio of 3.48, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $2.31 billion, a PE ratio of 12.86, a P/E/G ratio of 0.31 and a beta of 1.01. Harmony Biosciences has a 12 month low of $25.52 and a 12 month high of $43.49. The stock has a 50-day moving average price of $39.97 and a two-hundred day moving average price of $34.95.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 EPS 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 firm had revenue of $261.28 million for the quarter, compared to analyst estimates of $250.77 million. During the same period last year, the firm posted $0.92 earnings per share. The business's revenue for the quarter was up 30.3% on a year-over-year basis. Analysts expect that Harmony Biosciences will post 3.79 EPS for the current year.

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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