Harmony Biosciences (NASDAQ:HRMY) Price Target Raised to $50.00

Harmony Biosciences (NASDAQ:HRMY) had its target price increased by Needham & Company LLC from $45.00 to $50.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also issued reports on the stock. Zacks Research raised shares of Harmony Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. Mizuho raised their price target on shares of Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft lifted their price target on Harmony Biosciences from $30.00 to $36.00 and gave the company a “hold” rating in a report on Tuesday, June 30th. Truist Financial increased their price objective on Harmony Biosciences from $25.00 to $29.00 and gave the stock a “hold” rating in a report on Friday, May 8th. Finally, Weiss Ratings upgraded Harmony Biosciences from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.50.

Harmony Biosciences Stock Performance

HRMY stock opened at $38.75 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.56 and a current ratio of 3.48. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 0.35 and a beta of 0.96. Harmony Biosciences has a 1 year low of $25.52 and a 1 year high of $40.87. The stock’s fifty day moving average is $35.06 and its two-hundred day moving average is $32.57.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $0.96 by $0.32. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The business had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. During the same quarter in the prior year, the firm earned $0.92 earnings per share. The company’s quarterly revenue was up 30.3% on a year-over-year basis. On average, research analysts predict that Harmony Biosciences will post 3.33 EPS for the current year.

Institutional Trading of Harmony Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its stake in shares of Harmony Biosciences by 589.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company’s stock worth $28,000 after acquiring an additional 643 shares during the period. Leonteq Securities AG acquired a new position in shares of Harmony Biosciences during the fourth quarter valued at approximately $30,000. Allworth Financial LP increased its stake in shares of Harmony Biosciences by 286.7% during the fourth quarter. Allworth Financial LP now owns 812 shares of the company’s stock valued at $30,000 after acquiring an additional 602 shares during the period. Clearstead Advisors LLC raised its holdings in Harmony Biosciences by 145.9% during the fourth quarter. Clearstead Advisors LLC now owns 1,178 shares of the company’s stock worth $44,000 after purchasing an additional 699 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in Harmony Biosciences during the fourth quarter worth approximately $47,000. 86.23% of the stock is currently owned by institutional investors.

Harmony Biosciences Company Profile

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.