Zacks Research Downgrades Harmony Biosciences (NASDAQ:HRMY) to Hold

Key Points

• Zacks Research downgraded Harmony Biosciences from “strong buy” to “hold,” aligning with the broader consensus rating of “hold.” Analysts’ average price target is $45.50, with four buys, five holds and one sell.
• Harmony reported a strong quarter, posting $1.28 in EPS versus the $0.96 estimate and $261.28 million in revenue versus expectations of $250.77 million. Revenue increased 30.3% year over year.
• HRMY opened at $39.77, near its 52-week high of $40.87, and institutional investors own 86.23% of the company. The stock has a $2.32 billion market capitalization and a price-to-earnings ratio of 12.91.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities analysts have also weighed in on HRMY. Wall Street Zen upgraded shares of Harmony Biosciences from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $39.00 target price on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Truist Financial lifted their price target 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. HC Wainwright reissued a "buy" rating and set a $55.00 price objective on shares of Harmony Biosciences in a report on Thursday, July 16th. Finally, Mizuho upped their price target on Harmony Biosciences from $50.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $45.50.

Harmony Biosciences Stock Up 0.6%

Harmony Biosciences stock opened at $39.77 on Tuesday. 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 firm's 50-day simple moving average is $35.66 and its 200 day simple moving average is $32.65. The stock has a market cap of $2.32 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 0.37 and a beta of 0.96.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $0.96 by $0.32. The firm had revenue of $261.28 million for the quarter, compared to analysts' expectations of $250.77 million. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The company's quarterly revenue was up 30.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 EPS. Research analysts predict that Harmony Biosciences will post 3.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its holdings 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 worth $28,000 after purchasing an additional 643 shares during the period. Allworth Financial LP grew its holdings in shares of Harmony Biosciences by 286.7% during the fourth quarter. Allworth Financial LP now owns 812 shares of the company's stock worth $30,000 after purchasing an additional 602 shares in the last quarter. Leonteq Securities AG bought a new position in shares of Harmony Biosciences in the fourth quarter worth approximately $30,000. National Bank of Canada FI bought a new position in shares of Harmony Biosciences in the 3rd quarter worth $40,000. Finally, Clearstead Advisors LLC raised its position in shares of Harmony Biosciences by 145.9% during the 4th quarter. Clearstead Advisors LLC now owns 1,178 shares of the company's stock valued at $44,000 after buying an additional 699 shares in 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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