Harmony Biosciences (NASDAQ:HRMY) Earns Buy Rating from Analysts at HC Wainwright

Equities researchers at HC Wainwright assumed coverage on shares of Harmony Biosciences (NASDAQ:HRMY) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $75.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 126.86% from the company’s current price.

A number of other analysts have also weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 price objective on shares of Harmony Biosciences in a research note on Tuesday, October 29th. Cantor Fitzgerald boosted their price objective on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group started coverage on Harmony Biosciences in a report on Tuesday, September 10th. They set a “buy” rating and a $56.00 target price on the stock. Raymond James reiterated an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. Finally, Mizuho increased their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Two analysts have rated the stock with a sell rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $49.80.

Harmony Biosciences Trading Up 2.1 %

Shares of NASDAQ HRMY opened at $33.06 on Tuesday. Harmony Biosciences has a twelve month low of $28.14 and a twelve month high of $41.61. The firm has a market cap of $1.89 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 0.60 and a beta of 0.79. The business has a fifty day simple moving average of $34.32 and a two-hundred day simple moving average of $34.02. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm had revenue of $186.00 million during the quarter, compared to the consensus estimate of $184.07 million. During the same period in the previous year, the company posted $0.63 earnings per share. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. Analysts expect that Harmony Biosciences will post 2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jeffrey Dierks sold 21,496 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 30.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in Harmony Biosciences by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after purchasing an additional 360 shares in the last quarter. Profund Advisors LLC grew its holdings in Harmony Biosciences by 11.1% during the second quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock worth $228,000 after acquiring an additional 758 shares during the period. CWM LLC raised its position in Harmony Biosciences by 111.7% in the third quarter. CWM LLC now owns 1,469 shares of the company’s stock worth $59,000 after acquiring an additional 775 shares in the last quarter. Summit Global Investments lifted its holdings in Harmony Biosciences by 4.2% in the second quarter. Summit Global Investments now owns 20,164 shares of the company’s stock valued at $608,000 after acquiring an additional 807 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of Harmony Biosciences by 0.7% during the 2nd quarter. AQR Capital Management LLC now owns 154,345 shares of the company’s stock worth $4,657,000 after purchasing an additional 1,116 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

About Harmony Biosciences

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.