Harmony Biosciences (NASDAQ:HRMY) Stock Price Up 3.6% – Should You Buy?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) shares rose 3.6% during trading on Tuesday . The stock traded as high as $34.32 and last traded at $34.24. Approximately 16,841 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 474,660 shares. The stock had previously closed at $33.06.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on HRMY. UBS Group began coverage on Harmony Biosciences in a report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective on the stock. HC Wainwright initiated coverage on shares of Harmony Biosciences in a report on Tuesday. They issued a “buy” rating and a $75.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a report on Tuesday, October 29th. Mizuho upped their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Finally, Raymond James reiterated an “outperform” rating and set a $40.00 price target on shares of Harmony Biosciences in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.80.

Harmony Biosciences Stock Up 2.7 %

The firm’s fifty day simple moving average is $34.29 and its 200-day simple moving average is $34.05. The company has a market cap of $1.94 billion, a PE ratio of 16.12, a P/E/G ratio of 0.60 and a beta of 0.79. 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 posted its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.15. The firm had revenue of $186.00 million for the quarter, compared to analyst estimates of $184.07 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. Harmony Biosciences’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS. As a group, equities research analysts expect that Harmony Biosciences Holdings, Inc. will post 2.36 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jeffrey Dierks sold 21,496 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total transaction of $869,943.12. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in Harmony Biosciences in the second quarter valued at $138,000. Hennion & Walsh Asset Management Inc. increased its stake in shares of Harmony Biosciences by 214.1% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 44,945 shares of the company’s stock valued at $1,356,000 after acquiring an additional 30,638 shares during the last quarter. Summit Global Investments lifted its holdings in shares of Harmony Biosciences by 4.2% during the 2nd quarter. Summit Global Investments now owns 20,164 shares of the company’s stock worth $608,000 after acquiring an additional 807 shares during the period. nVerses Capital LLC acquired a new stake in shares of Harmony Biosciences in the second quarter worth approximately $36,000. Finally, Versor Investments LP purchased a new stake in Harmony Biosciences in the second quarter valued at approximately $549,000. 86.23% of the stock is owned by hedge funds and other institutional investors.

Harmony Biosciences Company Profile

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.