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

Harmony Biosciences (NASDAQ:HRMY - Free Report) had its target price reduced by HC Wainwright from $75.00 to $70.00 in a report released on Thursday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

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

Harmony Biosciences Stock Performance

Shares of NASDAQ:HRMY traded down $1.67 during trading hours on Thursday, hitting $32.18. The stock had a trading volume of 685,228 shares, compared to its average volume of 643,042. The stock's fifty day simple moving average is $36.63 and its 200 day simple moving average is $35.81. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 0.47 and a beta of 0.80. 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.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.11. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company had revenue of $201.30 million during the quarter, compared to analyst estimates of $201.25 million. During the same quarter in the previous year, the firm posted $0.45 EPS. The firm's quarterly revenue was up 19.5% on a year-over-year basis. Sell-side analysts anticipate that Harmony Biosciences will post 2.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Harmony Biosciences news, insider Jeffrey Dierks sold 10,507 shares of Harmony Biosciences stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total value of $388,864.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sandip Kapadia sold 25,000 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $40.18, for a total value of $1,004,500.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,452 shares of company stock worth $2,831,679. 30.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HRMY. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Harmony Biosciences during the fourth quarter worth approximately $3,235,000. GF Fund Management CO. LTD. bought a new stake in Harmony Biosciences in the 4th quarter valued at $41,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Harmony Biosciences by 1.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,331 shares of the company's stock valued at $2,145,000 after purchasing an additional 678 shares during the period. Voloridge Investment Management LLC grew its position in Harmony Biosciences by 24.4% in the 4th quarter. Voloridge Investment Management LLC now owns 356,072 shares of the company's stock worth $12,252,000 after purchasing an additional 69,886 shares during the last quarter. Finally, Vident Advisory LLC increased its holdings in shares of Harmony Biosciences by 17.9% during the 4th quarter. Vident Advisory LLC now owns 16,426 shares of the company's stock worth $565,000 after purchasing an additional 2,493 shares during the period. 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.