Zacks Investment Research Upgrades Harmony Biosciences (NASDAQ:HRMY) to Buy

Harmony Biosciences (NASDAQ:HRMY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage presently has a $41.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 3.80% from the company’s previous close.

According to Zacks, “Harmony Biosciences Holdings Inc.is a pharmaceutical company. It engages in developing and commercializing therapies for rare neurological disorders. Harmony Biosciences Holdings Inc.is based in Plymouth Meeting, Pennsylvania. “

Separately, ValuEngine lowered Harmony Biosciences from a “buy” rating to a “hold” rating in a report on Thursday, October 1st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $49.00.

NASDAQ:HRMY traded up $2.50 during mid-day trading on Wednesday, hitting $39.50. The stock had a trading volume of 154,657 shares, compared to its average volume of 125,645. The firm’s 50-day simple moving average is $39.93. Harmony Biosciences has a twelve month low of $28.97 and a twelve month high of $52.74. The company has a quick ratio of 7.80, a current ratio of 7.87 and a debt-to-equity ratio of 2.04.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, November 17th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.09). The business had revenue of $45.61 million for the quarter, compared to the consensus estimate of $40.10 million. On average, equities analysts anticipate that Harmony Biosciences will post -0.58 EPS for the current year.

A number of institutional investors have recently made changes to their positions in HRMY. Caas Capital Management LP acquired a new stake in Harmony Biosciences during the third quarter worth approximately $203,000. Squarepoint Ops LLC purchased a new position in shares of Harmony Biosciences in the 3rd quarter valued at $355,000. California Public Employees Retirement System purchased a new position in shares of Harmony Biosciences in the 3rd quarter valued at $413,000. ExodusPoint Capital Management LP acquired a new stake in Harmony Biosciences during the 3rd quarter worth $653,000. Finally, TD Asset Management Inc. purchased a new stake in Harmony Biosciences in the third quarter valued at $798,000. Institutional investors own 0.78% of the company’s stock.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients living with rare neurological disorders. Its lead product includes WAKIX (pitolisant) for the treatment of pediatric patients suffering from narcolepsy. Harmony Biosciences Holdings, Inc was formerly known as Harmony Biosciences II, Inc and changed its name to Harmony Biosciences Holdings, Inc in February 2020.

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