Harmony Biosciences (NASDAQ:HRMY) Upgraded by Zacks Research to "Strong-Buy" Rating

Key Points

• Zacks Research upgraded Harmony Biosciences from “hold” to “strong-buy,” adding to a generally positive analyst backdrop. The stock now carries a consensus rating of “Moderate Buy” with a $42.50 average price target.
• Shares were down 2.1% even after the upgrade, opening at $34.81. The company’s valuation metrics include a $2.02 billion market cap, a P/E ratio of 14.04, and a 52-week range of $25.52 to $40.87.
• Recent earnings missed expectations, with quarterly EPS of $0.55 versus the $0.76 consensus and revenue of $215.39 million slightly below estimates. Revenue still grew 16.6% year over year, and analysts expect full-year EPS of 3.26.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Harmony Biosciences from $30.00 to $36.00 and gave the stock a "hold" rating in a research note on Tuesday, June 30th. HC Wainwright reiterated a "buy" rating on shares of Harmony Biosciences in a report on Wednesday, June 24th. Truist Financial boosted their target price on Harmony Biosciences from $25.00 to $29.00 and gave the stock a "hold" rating in a report on Friday, May 8th. Finally, Weiss Ratings upgraded shares of Harmony Biosciences from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $42.50.

Harmony Biosciences Stock Down 2.1%

NASDAQ:HRMY opened at $34.81 on Monday. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 0.33 and a beta of 0.94. Harmony Biosciences has a twelve month low of $25.52 and a twelve month high of $40.87. The stock's 50 day moving average price is $33.32 and its two-hundred day moving average price is $32.76. The company has a quick ratio of 3.56, a current ratio of 3.58 and a debt-to-equity ratio of 0.15.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its stake in shares of Harmony Biosciences by 589.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company's stock valued at $28,000 after buying an additional 643 shares during the period. Allworth Financial LP increased its stake in Harmony Biosciences by 286.7% during the 4th quarter. Allworth Financial LP now owns 812 shares of the company's stock worth $30,000 after acquiring an additional 602 shares during the period. Leonteq Securities AG acquired a new position in Harmony Biosciences in the 4th quarter valued at $30,000. National Bank of Canada FI acquired a new position in Harmony Biosciences in the 3rd quarter valued at $40,000. Finally, Clearstead Advisors LLC grew its stake in Harmony Biosciences by 145.9% during the fourth quarter. Clearstead Advisors LLC now owns 1,178 shares of the company's stock worth $44,000 after buying an additional 699 shares in the last quarter. 86.23% of the stock is owned by institutional investors.

About Harmony Biosciences

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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