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

Harmony Biosciences (NASDAQ:HRMY) had its target price dropped by stock analysts at HC Wainwright from $75.00 to $70.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 109.14% from the stock’s current price.

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

Harmony Biosciences Price Performance

NASDAQ HRMY opened at $33.47 on Thursday. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $1.91 billion, a P/E ratio of 15.86, a PEG ratio of 0.47 and a beta of 0.80. The company has a 50-day moving average price of $36.66 and a 200-day moving average price of $35.81. Harmony Biosciences has a 52 week low of $28.14 and a 52 week high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last released 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 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 the consensus estimate of $201.25 million. During the same period last year, the firm earned $0.45 earnings per share. The company’s quarterly revenue was up 19.5% on a year-over-year basis. Equities research analysts anticipate that Harmony Biosciences will post 2.43 earnings per share for the current year.

Insider Activity at Harmony Biosciences

In other Harmony Biosciences news, CFO Sandip Kapadia sold 25,000 shares of Harmony Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total value of $1,004,500.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $40.13, for a total value of $774,228.09. 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. Corporate insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in HRMY. Citigroup Inc. lifted its holdings in shares of Harmony Biosciences by 9.8% in the 3rd quarter. Citigroup Inc. now owns 177,843 shares of the company’s stock valued at $7,114,000 after acquiring an additional 15,859 shares during the last quarter. HighTower Advisors LLC raised its position in Harmony Biosciences by 364.0% during the third quarter. HighTower Advisors LLC now owns 79,961 shares of the company’s stock valued at $3,199,000 after purchasing an additional 62,729 shares during the period. Quest Partners LLC raised its position in Harmony Biosciences by 137.6% during the third quarter. Quest Partners LLC now owns 35,723 shares of the company’s stock valued at $1,429,000 after purchasing an additional 20,689 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Harmony Biosciences by 68.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock valued at $9,217,000 after purchasing an additional 93,622 shares during the last quarter. Finally, CWA Asset Management Group LLC purchased a new position in shares of Harmony Biosciences in the 3rd quarter worth approximately $576,000. 86.23% of the stock is owned by hedge funds and other institutional investors.

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.