Harmony Biosciences (NASDAQ:HRMY) Price Target Cut to $70.00 by Analysts at HC Wainwright

Harmony Biosciences (NASDAQ:HRMY) had its price target dropped by stock analysts at HC Wainwright from $75.00 to $70.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 109.14% from the company’s previous close.

A number of other equities research analysts have also weighed in on HRMY. Cantor Fitzgerald lifted their price objective 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. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Harmony Biosciences in a research note on Tuesday. Mizuho dropped their price objective on Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Deutsche Bank Aktiengesellschaft began coverage on shares of Harmony Biosciences in a research note on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price objective for the company. Finally, 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 report on Wednesday, October 30th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $53.11.

Harmony Biosciences Stock Performance

Harmony Biosciences stock opened at $33.47 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. The firm has a market capitalization of $1.91 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 0.47 and a beta of 0.80. Harmony Biosciences has a 1-year low of $28.14 and a 1-year high of $41.61. The company’s 50-day moving average is $36.66 and its 200 day moving average is $35.81.

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

Insider Buying and Selling at Harmony Biosciences

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

Institutional Investors Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of HRMY. FMR LLC raised its position in Harmony Biosciences by 1.9% during the 4th quarter. FMR LLC now owns 5,329,902 shares of the company’s stock worth $183,402,000 after buying an additional 101,182 shares during the last quarter. Vanguard Group Inc. grew 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 purchasing an additional 1,262,362 shares during the period. Pacer Advisors Inc. increased its position in shares of 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 buying an additional 351,582 shares in the last quarter. Deep Track Capital LP purchased a new stake in shares of Harmony Biosciences in the fourth quarter valued at approximately $49,894,000. Finally, Dimensional Fund Advisors LP lifted 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 buying an additional 160,490 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

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.