Harmony Biosciences' (HRMY) "Buy" Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright reiterated its “buy” rating on Harmony Biosciences and kept a $55 price target, implying about 65% upside from the prior close.
• The stock was down 4.6% to $33.28 on Thursday, even as analyst sentiment remained positive overall with a Moderate Buy consensus and an average target price of $42.50.
• Harmony’s latest earnings missed estimates, posting $0.55 EPS versus $0.76 expected, though revenue still rose 16.6% year over year to $215.39 million.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at HC Wainwright in a report issued on Thursday,Benzinga reports. They currently have a $55.00 price target on the stock. HC Wainwright's target price would suggest a potential upside of 65.25% from the stock's previous close.

A number of other research analysts have also recently issued reports on HRMY. Zacks Research upgraded shares of Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a report on Monday. Truist Financial lifted their price target on Harmony Biosciences from $25.00 to $29.00 and gave the company a "hold" rating in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft increased their price objective on Harmony Biosciences from $30.00 to $36.00 and gave the stock a "hold" rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings upgraded Harmony Biosciences from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $42.50.

Harmony Biosciences Stock Down 4.6%

Shares of HRMY traded down $1.62 during trading hours on Thursday, hitting $33.28. The stock had a trading volume of 785,387 shares, compared to its average volume of 848,795. Harmony Biosciences has a 1-year low of $25.52 and a 1-year high of $40.87. The firm has a market capitalization of $1.93 billion, a P/E ratio of 13.39, a price-to-earnings-growth ratio of 0.33 and a beta of 0.94. The firm has a 50 day simple moving average of $33.37 and a 200-day simple moving average of $32.73. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.58 and a quick ratio of 3.56.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.21). Harmony Biosciences had a return on equity of 17.19% and a net margin of 16.20%.The firm had revenue of $215.39 million during the quarter, compared to the consensus estimate of $220.84 million. During the same quarter in the previous year, the company posted $0.78 EPS. The firm's revenue was up 16.6% on a year-over-year basis. Sell-side analysts predict that Harmony Biosciences will post 3.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC grew its holdings in Harmony Biosciences by 589.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company's stock valued at $28,000 after purchasing an additional 643 shares during the period. Allworth Financial LP lifted its holdings in Harmony Biosciences by 286.7% during the fourth quarter. Allworth Financial LP now owns 812 shares of the company's stock valued at $30,000 after purchasing an additional 602 shares during the last quarter. Leonteq Securities AG bought a new position in Harmony Biosciences during the fourth quarter worth about $30,000. National Bank of Canada FI bought a new position in Harmony Biosciences during the third quarter worth about $40,000. Finally, Clearstead Advisors LLC increased its stake in shares of Harmony Biosciences by 145.9% in the fourth quarter. Clearstead Advisors LLC now owns 1,178 shares of the company's stock worth $44,000 after purchasing an additional 699 shares in the last quarter. Institutional investors 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 delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company's mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company's flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.

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