Harmony Biosciences (NASDAQ:HRMY) Stock Price Up 8.7% on Analyst Upgrade

Posted by on May 4th, 2023

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY – Get Rating) shares rose 8.7% during trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $71.00 to $75.00. The stock traded as high as $36.53 and last traded at $36.47. Approximately 529,553 shares were traded during trading, a decline of 39% from the average daily volume of 869,812 shares. The stock had previously closed at $33.55.

Several other research analysts have also recently commented on HRMY. Bank of America initiated coverage on Harmony Biosciences in a research note on Thursday, April 20th. They set a “neutral” rating for the company. The Goldman Sachs Group lowered their target price on Harmony Biosciences from $49.00 to $43.00 and set a “neutral” rating for the company in a research note on Wednesday, February 22nd. Piper Sandler upped their price objective on Harmony Biosciences from $62.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 4th. Mizuho reaffirmed a “buy” rating and set a $60.00 price objective on shares of Harmony Biosciences in a research report on Wednesday, March 29th. Finally, TheStreet cut Harmony Biosciences from a “b-” rating to a “c” rating in a research report on Tuesday, February 21st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.89.

Institutional Trading of Harmony Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. purchased a new stake in Harmony Biosciences during the 4th quarter valued at approximately $26,000. US Bancorp DE raised its stake in Harmony Biosciences by 2,645.8% during the 3rd quarter. US Bancorp DE now owns 659 shares of the company’s stock valued at $29,000 after acquiring an additional 635 shares during the last quarter. IFP Advisors Inc raised its stake in Harmony Biosciences by 49.8% during the 3rd quarter. IFP Advisors Inc now owns 999 shares of the company’s stock valued at $45,000 after acquiring an additional 332 shares during the last quarter. Altshuler Shaham Ltd raised its stake in Harmony Biosciences by 103.6% during the 3rd quarter. Altshuler Shaham Ltd now owns 1,307 shares of the company’s stock valued at $57,000 after acquiring an additional 665 shares during the last quarter. Finally, State of Wyoming raised its stake in Harmony Biosciences by 91.6% during the 4th quarter. State of Wyoming now owns 1,462 shares of the company’s stock valued at $81,000 after acquiring an additional 699 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Harmony Biosciences Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 5.02 and a current ratio of 5.07. The company has a 50-day simple moving average of $37.07 and a 200-day simple moving average of $47.66. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 0.51 and a beta of 0.45.

Harmony Biosciences (NASDAQ:HRMY – Get Rating) last released its earnings results on Tuesday, February 21st. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.47. Harmony Biosciences had a return on equity of 59.57% and a net margin of 41.44%. The company had revenue of $128.31 million for the quarter, compared to analysts’ expectations of $127.73 million. As a group, research analysts predict that Harmony Biosciences Holdings, Inc. will post 2.34 earnings per share for the current year.

Harmony Biosciences Company Profile

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Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, develops and commercializes therapies for patients with rare neurological disorders in the United States. Its product, WAKIX is a medication for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.

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