Harmony Biosciences (NASDAQ:HRMY) Price Target Raised to $58.00

Harmony Biosciences (NASDAQ:HRMY) had its target price lifted by analysts at Cantor Fitzgerald from $51.00 to $58.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 80.52% from the company’s previous close. Cantor Fitzgerald also issued estimates for Harmony Biosciences’ FY2024 earnings at $2.53 EPS.

Several other research analysts have also recently issued reports on the stock. Mizuho upped their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a research report on Tuesday. UBS Group started coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price objective for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $59.00 price target (up previously from $56.00) on shares of Harmony Biosciences in a report on Wednesday. Finally, Raymond James reiterated an “outperform” rating and set a $40.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Harmony Biosciences presently has an average rating of “Moderate Buy” and an average target price of $47.00.

Harmony Biosciences Stock Down 4.9 %

Shares of Harmony Biosciences stock opened at $32.13 on Wednesday. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32. Harmony Biosciences has a 52-week low of $22.00 and a 52-week high of $41.61. The company has a market capitalization of $1.83 billion, a P/E ratio of 16.85, a P/E/G ratio of 0.69 and a beta of 0.73. The company has a 50 day moving average of $36.44 and a 200 day moving average of $33.11.

Harmony Biosciences (NASDAQ:HRMY) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.15. The company had revenue of $186.00 million for the quarter, compared to analysts’ expectations of $184.07 million. Harmony Biosciences had a return on equity of 22.97% and a net margin of 17.53%. Harmony Biosciences’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the firm earned $0.63 earnings per share. As a group, research analysts forecast that Harmony Biosciences will post 2.23 EPS for the current fiscal year.

Insider Buying and Selling at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 21,496 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 30.80% of the stock is currently owned by insiders.

Institutional Trading of Harmony Biosciences

A number of large investors have recently modified their holdings of HRMY. LSV Asset Management raised its holdings in shares of Harmony Biosciences by 346.5% in the 1st quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after purchasing an additional 260,093 shares in the last quarter. American Century Companies Inc. increased its stake in Harmony Biosciences by 53.7% in the 2nd quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after buying an additional 238,140 shares during the period. Renaissance Technologies LLC lifted its position in Harmony Biosciences by 56.7% in the 2nd quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock worth $17,975,000 after buying an additional 215,700 shares in the last quarter. Capital Management Corp VA purchased a new position in Harmony Biosciences in the first quarter valued at about $7,018,000. Finally, Marshall Wace LLP raised its stake in shares of Harmony Biosciences by 145.4% during the 2nd quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock worth $9,220,000 after purchasing an additional 181,092 shares in the last quarter. Institutional investors and hedge funds own 86.23% 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 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.