Harmony Biosciences (NASDAQ:HRMY) Downgraded to “Neutral” Rating by UBS Group

UBS Group downgraded shares of Harmony Biosciences (NASDAQ:HRMY) from a buy rating to a neutral rating in a report issued on Wednesday morning, Marketbeat.com reports. UBS Group currently has $46.00 target price on the stock, up from their previous target price of $43.00.

HRMY has been the subject of a number of other reports. Wall Street Zen raised Harmony Biosciences from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. HC Wainwright reissued a “buy” rating on shares of Harmony Biosciences in a research note on Wednesday, December 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price objective on shares of Harmony Biosciences in a research report on Monday, November 24th. Oppenheimer reiterated an “outperform” rating and issued a $62.00 price objective on shares of Harmony Biosciences in a research note on Monday, November 24th. Finally, Mizuho increased their target price on shares of Harmony Biosciences from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.63.

Harmony Biosciences Trading Down 3.5%

NASDAQ:HRMY opened at $36.59 on Wednesday. Harmony Biosciences has a 52 week low of $25.52 and a 52 week high of $40.87. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.72 and a current ratio of 3.75. The firm’s fifty day moving average is $37.66 and its 200-day moving average is $34.31. The firm has a market cap of $2.11 billion, a P/E ratio of 11.51, a P/E/G ratio of 0.35 and a beta of 0.84.

Insider Buying and Selling

In related news, CEO Jeffrey M. Dayno sold 25,933 shares of Harmony Biosciences stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.11, for a total transaction of $1,040,172.63. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sandip Kapadia sold 20,961 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $35.92, for a total value of $752,919.12. The disclosure for this sale is available in the SEC filing. Insiders sold 50,640 shares of company stock worth $1,932,256 in the last 90 days. Corporate insiders own 23.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in HRMY. EverSource Wealth Advisors LLC increased its stake in Harmony Biosciences by 589.9% in the 4th 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 last quarter. Allworth Financial LP grew its holdings in shares of Harmony Biosciences by 286.7% in the fourth quarter. Allworth Financial LP now owns 812 shares of the company’s stock valued at $30,000 after acquiring an additional 602 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Harmony Biosciences during the fourth quarter valued at approximately $30,000. Parkside Financial Bank & Trust lifted its holdings in Harmony Biosciences by 4,185.2% during the second quarter. Parkside Financial Bank & Trust now owns 1,157 shares of the company’s stock worth $37,000 after acquiring an additional 1,130 shares during the period. Finally, National Bank of Canada FI purchased a new position in Harmony Biosciences in the third quarter worth $40,000. 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.