Harmony Biosciences (NASDAQ:HRMY) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Wall Street Zen upgraded Harmony Biosciences to “Buy” from “Hold.” Analysts collectively rate the stock “Moderate Buy,” with a consensus price target of $45.50.
• Harmony Biosciences reported quarterly earnings of $1.28 per share, beating estimates of $0.96, while revenue rose 30.3% year over year to $261.28 million.
• Institutional investors hold 86.23% of the company’s shares, with BlackRock establishing a new position valued at approximately $258.6 million during the second quarter.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

A number of other equities analysts have also commented on HRMY. Truist Financial boosted their price objective on Harmony Biosciences from $29.00 to $34.00 and gave the stock a "hold" rating in a research note on Wednesday. Mizuho upped their price target on shares of Harmony Biosciences from $50.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $39.00 price objective on shares of Harmony Biosciences in a research report on Wednesday. Needham & Company LLC increased their price target on shares of Harmony Biosciences from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Zacks Research raised shares of Harmony Biosciences from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Harmony Biosciences currently has an average rating of "Moderate Buy" and a consensus price target of $45.50.

Harmony Biosciences Trading Down 0.9%

Shares of HRMY stock opened at $38.41 on Friday. The company has a market capitalization of $2.24 billion, a P/E ratio of 12.47, a P/E/G ratio of 0.37 and a beta of 0.96. Harmony Biosciences has a 12-month low of $25.52 and a 12-month high of $40.87. The company has a quick ratio of 3.56, a current ratio of 3.48 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $35.19 and a 200 day moving average price of $32.61.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.32. The company had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The company's revenue was up 30.3% on a year-over-year basis. During the same quarter last year, the business posted $0.92 earnings per share. Research analysts forecast that Harmony Biosciences will post 3.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in Harmony Biosciences in the second quarter valued at approximately $258,583,000. Deutsche Bank AG acquired a new position in shares of Harmony Biosciences in the 2nd quarter valued at $3,700,000. Persistent Asset Partners Ltd acquired a new position in shares of Harmony Biosciences in the 2nd quarter valued at $249,000. Chase Investment Counsel Corp bought a new position in shares of Harmony Biosciences in the 2nd quarter worth $1,820,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Harmony Biosciences during the second quarter worth $9,937,000. 86.23% of the stock is owned by institutional investors.

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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