Harmony Biosciences (NASDAQ:HRMY) Sets New 52-Week High at $39.46

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) hit a new 52-week high on Monday . The stock traded as high as $39.46 and last traded at $39.33, with a volume of 21299 shares traded. The stock had previously closed at $38.91.

Wall Street Analysts Forecast Growth

HRMY has been the topic of several research analyst reports. UBS Group assumed coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a report on Thursday. Finally, Citigroup started coverage on shares of Harmony Biosciences in a research note on Friday, June 21st. They issued a “buy” rating and a $48.00 price objective for the company. Two research analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $41.33.

Harmony Biosciences Price Performance

The business has a 50-day moving average price of $34.69 and a two-hundred day moving average price of $32.00. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 0.75 and a beta of 0.73.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.24. Harmony Biosciences had a return on equity of 22.97% and a net margin of 17.53%. The business had revenue of $172.80 million during the quarter, compared to the consensus estimate of $172.53 million. During the same quarter in the previous year, the business earned $0.56 EPS. The company’s quarterly revenue was up 28.8% on a year-over-year basis. As a group, research analysts anticipate that Harmony Biosciences Holdings, Inc. will post 2.19 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Cim LLC grew its position in Harmony Biosciences by 14.4% during the second quarter. Cim LLC now owns 13,521 shares of the company’s stock valued at $408,000 after buying an additional 1,705 shares during the period. Quarry LP purchased a new position in Harmony Biosciences in the second quarter valued at about $62,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Harmony Biosciences during the 2nd quarter valued at approximately $465,000. Millennium Management LLC increased its stake in shares of Harmony Biosciences by 51.6% during the 2nd quarter. Millennium Management LLC now owns 307,420 shares of the company’s stock worth $9,275,000 after purchasing an additional 104,691 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Harmony Biosciences by 0.7% in the 2nd quarter. AQR Capital Management LLC now owns 154,345 shares of the company’s stock worth $4,657,000 after purchasing an additional 1,116 shares during the period. 86.23% of the stock is owned by institutional investors.

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.