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

Harmony Biosciences (NASDAQ:HRMY) had its target price upped by Cantor Fitzgerald from $51.00 to $58.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock. Cantor Fitzgerald also issued estimates for Harmony Biosciences’ FY2024 earnings at $2.53 EPS.

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

Harmony Biosciences Stock Performance

HRMY stock traded up $0.95 during trading on Wednesday, reaching $33.08. 5,616,157 shares of the stock were exchanged, compared to its average volume of 467,488. The company has a current ratio of 3.24, a quick ratio of 3.09 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $36.30 and a 200-day simple moving average of $33.12. The company has a market capitalization of $1.89 billion, a P/E ratio of 15.68, a price-to-earnings-growth ratio of 0.67 and a beta of 0.73. Harmony Biosciences has a twelve month low of $22.89 and a twelve month high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last posted its earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company had revenue of $186.00 million during the quarter, compared to analyst estimates of $184.07 million. During the same period in the previous year, the company earned $0.63 EPS. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Harmony Biosciences will post 2.22 earnings per share for the current year.

Insider Buying and Selling at Harmony Biosciences

In other news, insider Jeffrey Dierks sold 21,496 shares of Harmony Biosciences stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total transaction of $869,943.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in HRMY. Pacer Advisors Inc. raised its stake in shares of Harmony Biosciences by 0.6% in the second quarter. Pacer Advisors Inc. now owns 2,509,609 shares of the company’s stock worth $75,715,000 after purchasing an additional 14,695 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Harmony Biosciences by 13.3% in the second quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company’s stock worth $28,871,000 after buying an additional 112,197 shares during the period. American Century Companies Inc. increased its position in Harmony Biosciences by 53.7% during 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 in the last quarter. Renaissance Technologies LLC increased its holdings 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. Finally, LSV Asset Management grew its position in Harmony Biosciences by 72.5% during the second quarter. LSV Asset Management now owns 578,246 shares of the company’s stock valued at $17,446,000 after buying an additional 243,100 shares during the period. Institutional investors 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.