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

HC Wainwright began coverage on shares of Harmony Biosciences (NASDAQ:HRMY) in a research report sent to investors on Tuesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $75.00 price objective on the stock.

HRMY has been the topic of a number of other research reports. Raymond James reiterated an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 target price on shares of Harmony Biosciences in a research note on Tuesday, October 29th. UBS Group assumed coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target on the stock. Cantor Fitzgerald lifted their price target on Harmony Biosciences from $51.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Mizuho raised their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Two research analysts have rated the stock with a sell rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $49.80.

Harmony Biosciences Price Performance

HRMY opened at $33.63 on Tuesday. The company has a current ratio of 3.24, a quick ratio of 3.20 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $1.92 billion, a P/E ratio of 16.12, a PEG ratio of 0.60 and a beta of 0.79. The stock has a 50-day moving average price of $34.29 and a 200-day moving average price of $34.05. Harmony Biosciences has a 12-month low of $28.14 and a 12-month high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last issued 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. The business had revenue of $186.00 million during the quarter, compared to analyst estimates of $184.07 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. Harmony Biosciences’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.63 earnings per share. Equities analysts predict that Harmony Biosciences will post 2.36 earnings per share for the current fiscal year.

Insider Activity at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 21,496 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 30.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Harmony Biosciences

Institutional investors have recently bought and sold shares of the stock. nVerses Capital LLC bought a new stake in Harmony Biosciences during the 2nd quarter valued at approximately $36,000. CWM LLC boosted its position in shares of Harmony Biosciences by 111.7% during the third 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. Quarry LP purchased a new stake in Harmony Biosciences in the second quarter worth $62,000. Quantbot Technologies LP bought a new position in Harmony Biosciences in the third quarter worth $74,000. Finally, Headlands Technologies LLC lifted its position in Harmony Biosciences by 1,608.1% during the second quarter. Headlands Technologies LLC now owns 2,545 shares of the company’s stock valued at $77,000 after buying an additional 2,396 shares during the period. 86.23% of the stock is owned by 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.