HC Wainwright Initiates Coverage on Harmony Biosciences (NASDAQ:HRMY)

Stock analysts at HC Wainwright assumed coverage on shares of Harmony Biosciences (NASDAQ:HRMY) in a report released on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $75.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 126.86% from the company’s current price.

A number of other research analysts have also issued reports on the company. Oppenheimer restated an “outperform” rating and set a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and issued a $52.00 price target on shares of Harmony Biosciences in a research note on Tuesday, October 29th. UBS Group initiated coverage on Harmony Biosciences in a report on Tuesday, September 10th. They set a “buy” rating and a $56.00 target price on the stock. Cantor Fitzgerald lifted their price objective on shares of Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Raymond James reaffirmed an “outperform” rating and set a $40.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 10th. Two analysts have rated the stock with a sell rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Harmony Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $49.80.

Harmony Biosciences Stock Performance

Harmony Biosciences stock opened at $33.06 on Tuesday. The stock has a fifty day moving average price of $34.32 and a 200 day moving average price of $34.02. Harmony Biosciences has a 52 week low of $28.14 and a 52 week high of $41.61. The firm has a market capitalization of $1.89 billion, a P/E ratio of 15.67, a PEG ratio of 0.60 and a beta of 0.79. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company had revenue of $186.00 million during the quarter, compared to the consensus estimate of $184.07 million. During the same quarter in the prior year, the business earned $0.63 earnings per share. The company’s revenue was up 16.0% compared to the same quarter last year. Equities research analysts anticipate that Harmony Biosciences will post 2.36 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jeffrey Dierks sold 21,496 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total value of $869,943.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 30.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in HRMY. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Harmony Biosciences by 21.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock valued at $80,000 after buying an additional 360 shares during the last quarter. Profund Advisors LLC raised its stake in Harmony Biosciences by 11.1% during the 2nd quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock worth $228,000 after buying an additional 758 shares during the period. CWM LLC increased its stake in Harmony Biosciences by 111.7% during the 3rd quarter. CWM LLC now owns 1,469 shares of the company’s stock valued at $59,000 after purchasing an additional 775 shares in the last quarter. Summit Global Investments raised its holdings in Harmony Biosciences by 4.2% during the second quarter. Summit Global Investments now owns 20,164 shares of the company’s stock worth $608,000 after buying an additional 807 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Harmony Biosciences by 0.7% during the second quarter. AQR Capital Management LLC now owns 154,345 shares of the company’s stock valued at $4,657,000 after buying an additional 1,116 shares during the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

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.