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

Harmony Biosciences (NASDAQ:HRMY) had its price objective decreased by HC Wainwright from $75.00 to $70.00 in a research note issued to investors on Thursday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

HRMY has been the topic of a number of other reports. Mizuho reduced their price target on shares of Harmony Biosciences from $52.00 to $42.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Harmony Biosciences in a research report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft started coverage on shares of Harmony Biosciences in a research report on Tuesday, February 11th. They set a “buy” rating and a $55.00 price target on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald lifted their price target on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $53.11.

Harmony Biosciences Price Performance

HRMY opened at $33.85 on Thursday. The company’s 50 day simple moving average is $36.63 and its 200 day simple moving average is $35.79. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. Harmony Biosciences has a 1 year low of $28.14 and a 1 year high of $41.61. The stock has a market capitalization of $1.94 billion, a PE ratio of 16.04, a P/E/G ratio of 0.47 and a beta of 0.80.

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

Insider Activity

In related news, CEO Jeffrey M. Dayno sold 19,293 shares of Harmony Biosciences stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $40.13, for a total value of $774,228.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sandip Kapadia sold 25,000 shares of Harmony Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total transaction of $1,004,500.00. The disclosure for this sale can be found here. Insiders have sold 72,452 shares of company stock worth $2,831,679 over the last 90 days. Company insiders own 30.80% of the company’s stock.

Institutional Trading of Harmony Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in HRMY. GAMMA Investing LLC increased its stake in shares of Harmony Biosciences by 92.6% in the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after buying an additional 436 shares during the last quarter. Mendota Financial Group LLC increased its stake in shares of Harmony Biosciences by 24,125.0% in the fourth quarter. Mendota Financial Group LLC now owns 969 shares of the company’s stock worth $33,000 after buying an additional 965 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Harmony Biosciences in the fourth quarter worth $41,000. KBC Group NV increased its stake in shares of Harmony Biosciences by 79.9% in the fourth quarter. KBC Group NV now owns 1,844 shares of the company’s stock worth $63,000 after buying an additional 819 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in Harmony Biosciences in the third quarter worth $74,000. Institutional investors own 86.23% of the company’s stock.

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.