Truist Financial Forecasts Strong Price Appreciation for Harmony Biosciences (NASDAQ:HRMY) Stock

Harmony Biosciences (NASDAQ:HRMY) had its price target upped by equities research analysts at Truist Financial from $25.00 to $29.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s target price suggests a potential downside of 8.01% from the company’s previous close.

Several other equities research analysts have also issued reports on HRMY. Wall Street Zen lowered shares of Harmony Biosciences from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Mizuho set a $50.00 price objective on shares of Harmony Biosciences in a research note on Thursday, February 19th. Zacks Research raised shares of Harmony Biosciences from a “strong sell” rating to a “hold” rating in a research report on Friday, May 1st. Weiss Ratings lowered shares of Harmony Biosciences from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, April 29th. Finally, HC Wainwright reissued a “buy” rating and set a $55.00 target price on shares of Harmony Biosciences in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Harmony Biosciences currently has a consensus rating of “Hold” and a consensus target price of $40.89.

Harmony Biosciences Stock Up 0.3%

Shares of HRMY stock traded up $0.11 on Friday, hitting $31.53. The company’s stock had a trading volume of 301,696 shares, compared to its average volume of 874,499. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.60 and a quick ratio of 3.58. Harmony Biosciences has a fifty-two week low of $25.52 and a fifty-two week high of $40.87. The firm’s fifty day moving average price is $29.01 and its 200-day moving average price is $33.04. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 11.64, a P/E/G ratio of 0.44 and a beta of 0.97.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.21). Harmony Biosciences had a net margin of 18.29% and a return on equity of 19.86%. The business had revenue of $215.39 million during the quarter, compared to analyst estimates of $220.84 million. During the same period in the previous year, the firm posted $0.78 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Research analysts anticipate that Harmony Biosciences will post 3.34 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Summit Global Investments lifted its position in Harmony Biosciences by 16.6% during the 1st quarter. Summit Global Investments now owns 27,034 shares of the company’s stock worth $757,000 after acquiring an additional 3,841 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Harmony Biosciences by 13.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,076,510 shares of the company’s stock worth $58,157,000 after purchasing an additional 245,784 shares during the period. SEB Asset Management AB bought a new position in shares of Harmony Biosciences during the 1st quarter worth about $1,135,000. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Harmony Biosciences during the 1st quarter worth about $294,000. Finally, SteelPeak Wealth LLC bought a new position in shares of Harmony Biosciences during the 1st quarter worth about $448,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

About Harmony Biosciences

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.