Harmony Biosciences (NASDAQ:HRMY) Receives Buy Rating from HC Wainwright

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $75.00 price objective on the stock. HC Wainwright’s target price would indicate a potential upside of 105.82% from the company’s current price.

HRMY has been the topic of a number of other reports. 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 target price on the stock. 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. Needham & Company LLC decreased their target price on shares of Harmony Biosciences from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Cantor Fitzgerald increased their target price 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 investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $54.78.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY traded down $2.65 during mid-day trading on Wednesday, hitting $36.44. 515,220 shares of the company’s stock traded hands, compared to its average volume of 546,738. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.24 and a quick ratio of 3.20. Harmony Biosciences has a 1 year low of $28.14 and a 1 year high of $41.61. The company has a market capitalization of $2.08 billion, a P/E ratio of 17.28, a PEG ratio of 0.52 and a beta of 0.80. The company’s 50-day moving average is $36.28 and its two-hundred day moving average is $35.71.

Insider Activity at Harmony Biosciences

In related news, CFO Sandip Kapadia sold 25,000 shares of the firm’s stock in a transaction 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 document filed with the SEC, which is available at this link. Also, insider Jeffrey Dierks sold 10,507 shares of the firm’s stock in a transaction 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 quarter, insiders have sold 72,452 shares of company stock worth $2,831,679. 30.80% of the stock is owned by company insiders.

Institutional Trading of Harmony Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Deep Track Capital LP acquired a new stake in shares of Harmony Biosciences in the fourth quarter valued at about $49,894,000. Vanguard Group Inc. grew its position in shares of 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. Marshall Wace LLP grew its position in shares of Harmony Biosciences by 165.2% in the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company’s stock valued at $31,992,000 after purchasing an additional 579,103 shares during the period. Norges Bank acquired a new position in Harmony Biosciences during the fourth quarter worth about $16,118,000. Finally, Pacer Advisors Inc. boosted its position in Harmony Biosciences by 18.2% during the fourth quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock worth $78,452,000 after acquiring an additional 351,582 shares during the last quarter. Institutional investors and hedge funds 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.