Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company to watch right now is Harmony Biosciences (HRMY Quick QuoteHRMY - Free Report) . HRMY is currently sporting a Zacks Rank of #2 (Buy) and an A for Value.

Investors should also recognize that HRMY has a P/B ratio of 3.80. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 4.72. Within the past 52 weeks, HRMY's P/B has been as high as 4.83 and as low as 2.34, with a median of 3.66.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. HRMY has a P/S ratio of 3.15. This compares to its industry's average P/S of 6.69.

Finally, investors should note that HRMY has a P/CF ratio of 14.95. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. HRMY's current P/CF looks attractive when compared to its industry's average P/CF of 20.61. HRMY's P/CF has been as high as 15.28 and as low as 6.65, with a median of 11.14, all within the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Harmony Biosciences is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, HRMY feels like a great value stock at the moment.