HC Wainwright Lowers Harmony Biosciences (NASDAQ:HRMY) Price Target to $70.00

Harmony Biosciences (NASDAQ:HRMY) had its price objective trimmed by HC Wainwright from $75.00 to $70.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also recently issued reports on HRMY. Cantor Fitzgerald upped their price target on 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 target price on shares of Harmony Biosciences in a research report on Tuesday. Mizuho decreased their price target on Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft started coverage on Harmony Biosciences in a report on Tuesday, February 11th. They set a “buy” rating and a $55.00 price objective on the stock. Finally, Oppenheimer reiterated an “outperform” rating and issued a $59.00 target price (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday, October 30th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $53.11.

Harmony Biosciences Stock Down 2.2 %

HRMY stock opened at $32.75 on Thursday. The firm’s 50-day moving average is $36.66 and its two-hundred day moving average is $35.81. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth 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 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 announced its earnings results on Tuesday, February 25th. The company reported $0.85 EPS for the quarter, topping the consensus estimate 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 firm’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 earnings per share. On average, analysts forecast that Harmony Biosciences will post 2.43 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Sandip Kapadia sold 1,775 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $38.05, for a total transaction of $67,538.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey Dierks sold 1,629 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $38.02, for a total value of $61,934.58. The disclosure for this sale can be found here. Insiders have sold a total of 72,452 shares of company stock valued at $2,831,679 over the last 90 days. 30.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Creative Planning bought a new position in Harmony Biosciences during the third quarter valued at about $246,000. Mirae Asset Global Investments Co. Ltd. grew its position in Harmony Biosciences by 21.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after acquiring an additional 360 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Harmony Biosciences by 8,867.7% in the third quarter. Nisa Investment Advisors LLC now owns 5,560 shares of the company’s stock valued at $222,000 after buying an additional 5,498 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in Harmony Biosciences by 63.8% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,931 shares of the company’s stock worth $437,000 after purchasing an additional 4,259 shares during the last quarter. Finally, CWA Asset Management Group LLC acquired a new position in shares of Harmony Biosciences during the third quarter valued at $576,000. Institutional investors 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.