Harmony Biosciences (NASDAQ:HRMY) Rating Increased to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Harmony Biosciences to “strong-buy” from “buy,” though the broader analyst consensus remains “hold,” with an average price target of $45.50.
• Harmony reported quarterly EPS of $1.28, beating estimates of $0.96, while revenue rose 30.3% year over year to $261.28 million, above expectations.
• Shares opened at $38.12, near their 52-week high of $40.87, and institutional investors own 86.23% of the company’s stock.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued to investors on Sunday.

Other analysts also recently issued research reports about the company. UBS Group reissued a "neutral" rating and set a $37.00 target price on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Oppenheimer restated an "outperform" rating and issued a $70.00 price target on shares of Harmony Biosciences in a research note on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $39.00 price objective on shares of Harmony Biosciences in a report on Wednesday, August 5th. Needham & Company LLC lifted their price objective 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. Finally, Truist Financial boosted their target price on shares of Harmony Biosciences from $29.00 to $34.00 and gave the stock a "hold" rating in a report on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $45.50.

Harmony Biosciences Trading Down 1.0%

Shares of Harmony Biosciences stock opened at $38.12 on Friday. Harmony Biosciences has a fifty-two week low of $25.52 and a fifty-two week high of $40.87. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. The company has a market capitalization of $2.22 billion, a P/E ratio of 12.38, a P/E/G ratio of 0.35 and a beta of 0.96. The company has a fifty day moving average of $35.89 and a 200 day moving average of $32.70.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted 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 business had revenue of $261.28 million for the quarter, compared to analysts' expectations of $250.77 million. During the same period last year, the firm earned $0.92 earnings per share. The business's quarterly revenue was up 30.3% on a year-over-year basis. On average, sell-side analysts anticipate that Harmony Biosciences will post 3.77 earnings per share for the current fiscal year.

Institutional Trading of Harmony Biosciences

A number of large investors have recently added to or reduced their stakes in HRMY. BlackRock Inc. purchased a new position in shares of Harmony Biosciences in the second quarter valued at $258,583,000. Dimensional Fund Advisors LP raised its stake in 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 purchasing an additional 245,784 shares in the last quarter. SG Americas Securities LLC lifted its position in 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 purchasing an additional 1,056,507 shares during the last quarter. State Street Corp lifted its position in Harmony Biosciences by 0.5% during the fourth quarter. State Street Corp now owns 1,661,850 shares of the company's stock valued at $62,186,000 after purchasing an additional 8,246 shares during the last quarter. Finally, LSV Asset Management lifted its position in Harmony Biosciences by 3.9% during the fourth quarter. LSV Asset Management now owns 1,657,093 shares of the company's stock valued at $62,008,000 after purchasing an additional 62,200 shares during 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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