Harmony Biosciences (NASDAQ:HRMY) Downgraded by Wall Street Zen to "Hold"

Key Points

• Harmony Biosciences has been downgraded by Wall Street Zen from a "buy" rating to a "hold" rating, amid a mixed consensus from other analysts who vary from "strong buy" to "neutral".
• The company's latest quarterly earnings reported a miss in EPS estimates, coming in at $0.68 compared to the expected $0.78, despite a year-over-year revenue increase of 16.0%.
• Institutional ownership is high, with approximately 86.23% of Harmony Biosciences' stock held by institutional investors, indicating strong investment interest in the company.

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

Other research analysts have also issued research reports about the stock. Truist Financial initiated coverage on shares of Harmony Biosciences in a research report on Monday, July 21st. They set a "buy" rating and a $48.00 target price on the stock. Mizuho increased their target price on shares of Harmony Biosciences from $44.00 to $48.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Cantor Fitzgerald upgraded shares of Harmony Biosciences to a "strong-buy" rating in a research report on Tuesday, May 13th. The Goldman Sachs Group initiated coverage on shares of Harmony Biosciences in a research report on Thursday, July 10th. They set a "neutral" rating and a $33.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $55.00 target price (up previously from $54.00) on shares of Harmony Biosciences in a research report on Thursday, July 10th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Harmony Biosciences Price Performance

Shares of HRMY opened at $34.19 on Friday. Harmony Biosciences has a 52 week low of $26.47 and a 52 week high of $41.61. The firm has a market cap of $1.97 billion, a P/E ratio of 11.03, a price-to-earnings-growth ratio of 0.42 and a beta of 0.84. The firm's 50-day simple moving average is $34.16 and its 200 day simple moving average is $33.84. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.63 and a current ratio of 3.84.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.68 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 company had revenue of $200.49 million during the quarter, compared to analyst estimates of $204.37 million. During the same quarter last year, the company posted $1.05 EPS. The firm's quarterly revenue was up 16.0% on a year-over-year basis. On average, analysts forecast that Harmony Biosciences will post 2.43 earnings per share for the current year.

Institutional Trading of Harmony Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in HRMY. Deep Track Capital LP bought a new stake in shares of Harmony Biosciences during the 4th quarter worth approximately $49,894,000. Boston Partners bought a new stake in shares of Harmony Biosciences during the 2nd quarter worth approximately $19,398,000. Marshall Wace LLP lifted its holdings in shares of Harmony Biosciences by 165.2% during the 4th quarter. Marshall Wace LLP now owns 929,744 shares of the company's stock worth $31,992,000 after acquiring an additional 579,103 shares during the period. New Vernon Capital Holdings II LLC lifted its holdings in shares of Harmony Biosciences by 3,219.0% during the 1st quarter. New Vernon Capital Holdings II LLC now owns 488,424 shares of the company's stock worth $16,211,000 after acquiring an additional 473,708 shares during the period. Finally, Invesco Ltd. lifted its stake in Harmony Biosciences by 173.9% in the 4th quarter. Invesco Ltd. now owns 449,180 shares of the company's stock valued at $15,456,000 after purchasing an additional 285,156 shares during the last quarter. Institutional investors own 86.23% of the company's stock.

Harmony Biosciences Company Profile

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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