Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) Receives Consensus Recommendation of “Buy” from Brokerages

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) has received a consensus rating of “Buy” from the eight brokerages that are presently covering the stock, MarketBeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $55.00.

HRMY has been the topic of several research reports. HC Wainwright restated a “buy” rating and issued a $75.00 price target on shares of Harmony Biosciences in a report on Monday. Mizuho raised their price target on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $52.00 price target on shares of Harmony Biosciences in a report on Monday, January 13th. Raymond James restated an “outperform” rating and issued a $40.00 price target on shares of Harmony Biosciences in a report on Thursday, October 10th. Finally, Cantor Fitzgerald raised their price target on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th.

Harmony Biosciences Price Performance

HRMY opened at $38.42 on Wednesday. The company’s 50 day simple moving average is $35.08 and its 200 day simple moving average is $35.19. 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 has a 1 year low of $28.14 and a 1 year high of $41.61. The stock has a market capitalization of $2.19 billion, a PE ratio of 18.21, a P/E/G ratio of 0.51 and a beta of 0.78.

Harmony Biosciences (NASDAQ:HRMY) last released its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business had revenue of $186.00 million for the quarter, compared to analysts’ expectations of $184.07 million. During the same period last year, the company earned $0.63 earnings per share. The company’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, sell-side analysts expect that Harmony Biosciences will post 2.43 EPS for the current year.

Insider Activity

In related news, CFO Sandip Kapadia sold 25,000 shares of Harmony Biosciences stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.18, for a total value of $1,004,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jeffrey M. Dayno sold 19,293 shares of Harmony Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total transaction of $774,228.09. The disclosure for this sale can be found here. Insiders have sold 72,452 shares of company stock worth $2,831,679 over the last 90 days. Company insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in HRMY. Envestnet Asset Management Inc. increased its stake in shares of Harmony Biosciences by 19.8% in the second quarter. Envestnet Asset Management Inc. now owns 61,397 shares of the company’s stock worth $1,852,000 after buying an additional 10,167 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Harmony Biosciences by 13.3% in the second quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company’s stock worth $28,871,000 after purchasing an additional 112,197 shares during the period. Hsbc Holdings PLC boosted its holdings in Harmony Biosciences by 208.1% in the second quarter. Hsbc Holdings PLC now owns 23,800 shares of the company’s stock worth $731,000 after purchasing an additional 16,076 shares during the period. Profund Advisors LLC boosted its holdings in Harmony Biosciences by 11.1% in the second quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock worth $228,000 after purchasing an additional 758 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in Harmony Biosciences by 2.9% in the second quarter. Public Sector Pension Investment Board now owns 70,020 shares of the company’s stock worth $2,113,000 after purchasing an additional 1,955 shares during the period. Institutional investors 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.