HC Wainwright Issues Pessimistic Forecast for Harmony Biosciences (NASDAQ:HRMY) Stock Price

Harmony Biosciences (NASDAQ:HRMY) had its target price lowered by investment analysts at HC Wainwright from $75.00 to $70.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 106.79% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Mizuho cut their price target on Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald increased their price target on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and set a $50.00 price target on shares of Harmony Biosciences in a report on Tuesday. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 target price (up from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They set a “buy” rating and a $55.00 target price on the stock. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Harmony Biosciences has a consensus rating of “Buy” and a consensus target price of $53.11.

Harmony Biosciences Stock Performance

Shares of HRMY stock opened at $33.85 on Thursday. The stock has a market capitalization 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 one year low of $28.14 and a one year high of $41.61. The business’s 50 day simple moving average is $36.64 and its 200 day simple moving average is $35.79. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20.

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

Insider Transactions at Harmony Biosciences

In related news, CFO Sandip Kapadia sold 25,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total value of $1,004,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey Dierks sold 10,507 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total value of $388,864.07. The disclosure for this sale can be found here. Insiders have sold 72,452 shares of company stock valued at $2,831,679 over the last ninety days. 30.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its position in Harmony Biosciences by 1.9% in the 4th quarter. FMR LLC now owns 5,329,902 shares of the company’s stock valued at $183,402,000 after buying an additional 101,182 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Harmony Biosciences by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company’s stock valued at $162,883,000 after purchasing an additional 1,262,362 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Harmony Biosciences by 18.2% during the 4th quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock valued at $78,452,000 after purchasing an additional 351,582 shares during the last quarter. Deep Track Capital LP purchased a new stake in shares of Harmony Biosciences during the 4th quarter valued at $49,894,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Harmony Biosciences by 15.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,213,029 shares of the company’s stock valued at $41,739,000 after purchasing an additional 160,490 shares during the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

About Harmony Biosciences

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.