HC Wainwright Has Lowered Expectations for Harmony Biosciences (NASDAQ:HRMY) Stock Price

Harmony Biosciences (NASDAQ:HRMY) had its price target reduced by research analysts at HC Wainwright from $75.00 to $70.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 106.79% from the company’s current price.

A number of other research analysts also recently commented on the company. Cantor Fitzgerald boosted their price target on Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft initiated coverage on Harmony Biosciences in a research note on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price target on shares of Harmony Biosciences in a research note on Tuesday. Oppenheimer reissued an “outperform” rating and set a $59.00 target price (up previously from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. Finally, Mizuho lowered their target price on Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $53.11.

Harmony Biosciences Trading Up 3.4 %

Shares of Harmony Biosciences stock opened at $33.85 on Thursday. The firm has a 50-day moving average of $36.64 and a 200-day moving average of $35.79. The stock has a market cap of $1.93 billion, a PE ratio of 16.04, a PEG ratio of 0.47 and a beta of 0.80. Harmony Biosciences has a 52-week low of $28.14 and a 52-week high of $41.61. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11. The business had revenue of $201.30 million during the quarter, compared to the consensus estimate of $201.25 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. Harmony Biosciences’s revenue for the quarter was up 19.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, sell-side analysts forecast that Harmony Biosciences will post 2.43 EPS for the current year.

Insider Activity

In other news, CEO Jeffrey M. Dayno sold 19,293 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total value of $774,228.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Dierks sold 1,123 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $40.00, for a total value of $44,920.00. The disclosure for this sale can be found here. Insiders sold 72,452 shares of company stock valued at $2,831,679 over the last quarter. 30.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HRMY. Deep Track Capital LP acquired a new position in shares of Harmony Biosciences in the fourth quarter valued at approximately $49,894,000. Vanguard Group Inc. boosted its holdings in Harmony Biosciences by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company’s stock valued at $162,883,000 after acquiring an additional 1,262,362 shares during the last quarter. Marshall Wace LLP boosted its holdings in Harmony Biosciences by 165.2% in the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company’s stock valued at $31,992,000 after acquiring an additional 579,103 shares during the last quarter. Norges Bank bought a new stake in Harmony Biosciences in the fourth quarter valued at approximately $16,118,000. Finally, Pacer Advisors Inc. boosted its holdings in Harmony Biosciences by 18.2% in the fourth quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock valued at $78,452,000 after acquiring an additional 351,582 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

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.