Harmony Biosciences (NASDAQ:HRMY) Cut to Hold at Wall Street Zen

Key Points

• Harmony Biosciences has been downgraded by Wall Street Zen from a "buy" to a "hold" rating, impacting investor sentiment.
• The company's recent quarterly earnings report revealed an earnings per share (EPS) of $0.68, which fell short of the anticipated $0.78, despite a year-over-year revenue increase of 16%.
• Institutional investors own approximately 86.23% of Harmony Biosciences stock, with significant increases in holdings from several hedge funds in the recent 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 note issued to investors on Sunday.

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group initiated coverage on shares of Harmony Biosciences in a report on Thursday, July 10th. They issued a "neutral" rating and a $33.00 price objective for the company. Truist Financial initiated coverage on shares of Harmony Biosciences in a research note on Monday, July 21st. They set a "buy" rating and a $48.00 target price for the company. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Harmony Biosciences in a research note on Tuesday, October 14th. Needham & Company LLC lowered their target price on shares of Harmony Biosciences from $48.00 to $41.00 and set a "buy" rating for the company in a research note on Wednesday, September 24th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Harmony Biosciences from $54.00 to $36.00 and set a "buy" rating for the company in a research note on Thursday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $45.56.

Harmony Biosciences Trading Down 0.2%

Shares of HRMY opened at $25.90 on Friday. The company has a current ratio of 3.84, a quick ratio of 3.80 and a debt-to-equity ratio of 0.20. Harmony Biosciences has a 12-month low of $25.58 and a 12-month high of $41.61. The firm has a 50-day moving average price of $32.29 and a 200 day moving average price of $32.65. The firm has a market capitalization of $1.49 billion, a P/E ratio of 8.35, a P/E/G ratio of 0.32 and a beta of 0.79.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Harmony Biosciences had a net margin of 23.44% and a return on equity of 26.34%. The firm had revenue of $200.49 million during the quarter, compared to analysts' expectations of $204.37 million. During the same period in the prior year, the company posted $1.05 EPS. The company's revenue for the quarter was up 16.0% compared to the same quarter last year. Harmony Biosciences has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Harmony Biosciences will post 2.43 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. boosted its stake in shares of Harmony Biosciences by 16.5% in the second quarter. American Century Companies Inc. now owns 1,501,420 shares of the company's stock valued at $47,445,000 after purchasing an additional 212,633 shares during the period. LSV Asset Management lifted its stake in Harmony Biosciences by 24.6% in the second quarter. LSV Asset Management now owns 1,488,502 shares of the company's stock worth $47,037,000 after acquiring an additional 293,541 shares during the last quarter. Marshall Wace LLP lifted its stake in Harmony Biosciences by 36.3% in the second quarter. Marshall Wace LLP now owns 1,209,484 shares of the company's stock worth $38,220,000 after acquiring an additional 321,947 shares during the last quarter. Geode Capital Management LLC lifted its stake in Harmony Biosciences by 9.2% in the second quarter. Geode Capital Management LLC now owns 1,054,348 shares of the company's stock worth $33,321,000 after acquiring an additional 88,598 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Harmony Biosciences by 127.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 906,909 shares of the company's stock worth $28,658,000 after acquiring an additional 508,498 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company's stock.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.

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