Harmony Biosciences (NASDAQ:HRMY) Cut to Neutral at UBS Group

UBS Group downgraded shares of Harmony Biosciences (NASDAQ:HRMY) from a buy rating to a neutral rating in a research note released on Wednesday, Marketbeat Ratings reports. The brokerage currently has $46.00 price target on the stock, up from their prior price target of $43.00.

HRMY has been the topic of several other research reports. Mizuho upped their price objective on Harmony Biosciences from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, December 1st. Truist Financial lowered their price target on shares of Harmony Biosciences from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. HC Wainwright restated a “buy” rating on shares of Harmony Biosciences in a research report on Wednesday, December 3rd. Zacks Research raised shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Harmony Biosciences in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $45.63.

Harmony Biosciences Stock Performance

Shares of HRMY stock opened at $36.01 on Wednesday. The stock has a market cap of $2.07 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 0.33 and a beta of 0.84. The business has a 50-day simple moving average of $37.53 and a 200-day simple moving average of $34.33. The company has a quick ratio of 3.72, a current ratio of 3.75 and a debt-to-equity ratio of 0.18. Harmony Biosciences has a 52-week low of $25.52 and a 52-week high of $40.87.

Insider Activity

In related news, CEO Jeffrey M. Dayno sold 25,933 shares of the firm’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.11, for a total value of $1,040,172.63. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Sandip Kapadia sold 20,961 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $35.92, for a total value of $752,919.12. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 50,640 shares of company stock valued at $1,932,256. Insiders own 23.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its holdings in shares of Harmony Biosciences by 8.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,726 shares of the company’s stock worth $68,507,000 after buying an additional 139,145 shares in the last quarter. American Century Companies Inc. grew its stake in Harmony Biosciences by 11.2% during the 3rd quarter. American Century Companies Inc. now owns 1,669,565 shares of the company’s stock valued at $46,013,000 after acquiring an additional 168,145 shares in the last quarter. State Street Corp grew its stake in Harmony Biosciences by 0.5% during the 4th quarter. State Street Corp now owns 1,661,850 shares of the company’s stock valued at $62,186,000 after acquiring an additional 8,246 shares in the last quarter. LSV Asset Management raised its holdings in Harmony Biosciences by 3.9% in the 4th quarter. LSV Asset Management now owns 1,657,093 shares of the company’s stock valued at $62,008,000 after acquiring an additional 62,200 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Harmony Biosciences by 42.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,295,381 shares of the company’s stock worth $35,701,000 after purchasing an additional 388,472 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.