Harmony Biosciences (NASDAQ:HRMY) Stock Gets Downgrade from Wall Street Zen

Harmony Biosciences (NASDAQ:HRMY) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

A number of other research firms also recently issued reports on HRMY. Weiss Ratings raised shares of Harmony Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, October 12th. UBS Group reiterated a “neutral” rating and issued a $37.00 target price on shares of Harmony Biosciences in a research note on Wednesday, August 5th. WBB Securities upgraded shares of Harmony Biosciences to a “hold” rating in a report on Friday, October 23rd. Zacks Research raised shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Harmony Biosciences in a report on Thursday, October 15th. They set a “buy” rating and a $55.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.00.

Harmony Biosciences Stock Performance

Shares of Harmony Biosciences stock opened at $33.78 on Friday. Harmony Biosciences has a 52 week low of $25.90 and a 52 week high of $43.49. The company has a quick ratio of 3.45, a current ratio of 3.44 and a debt-to-equity ratio of 0.12. The business has a 50 day moving average price of $39.25 and a 200-day moving average price of $34.69. The company has a market cap of $1.97 billion, a PE ratio of 11.40, a price-to-earnings-growth ratio of 0.28 and a beta of 1.00.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Wednesday, November 4th. The company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.28). The company had revenue of $268.92 million for the quarter, compared to analysts’ expectations of $272.05 million. Harmony Biosciences had a net margin of 18.05% and a return on equity of 18.55%. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.08 EPS. Equities analysts anticipate that Harmony Biosciences will post 3.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Harmony Biosciences news, insider Kumar Budur sold 35,852 shares of the business’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $43.05, for a total value of $1,543,428.60. Following the transaction, the insider owned 13,115 shares of the company’s stock, valued at approximately $564,600.75. The trade was a 73.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 72,406 shares of company stock worth $3,108,520 in the last 90 days. Company insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Harmony Biosciences

Large investors have recently made changes to their positions in the business. Farther Finance Advisors LLC raised its stake in shares of Harmony Biosciences by 166.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock worth $32,000 after purchasing an additional 510 shares during the period. Nykredit A S bought a new position in Harmony Biosciences during the second quarter valued at about $33,000. Signature Equity Partners LLC purchased a new stake in Harmony Biosciences during the third quarter worth about $37,000. Hantz Financial Services Inc. increased its holdings in Harmony Biosciences by 32.7% during the third quarter. Hantz Financial Services Inc. now owns 1,401 shares of the company’s stock worth $55,000 after buying an additional 345 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in Harmony Biosciences by 200.0% during the third quarter. Signaturefd LLC now owns 1,686 shares of the company’s stock worth $66,000 after buying an additional 1,124 shares during the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

Harmony Biosciences Company Profile

Harmony Biosciences is a biopharmaceutical company focused on developing and commercializing treatments for people living with rare neurological diseases. The company’s work centers on therapies intended to address significant unmet medical needs.

Its lead product, WAKIX (pitolisant), is approved in the United States to treat excessive daytime sleepiness or cataplexy in adults and pediatric patients aged 6 years and older with narcolepsy. Harmony launched WAKIX in the United States in 2019.

Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony primarily serves the U.S.