Harmony Biosciences (NASDAQ:HRMY) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Harmony Biosciences (NASDAQ:HRMY) had its price target raised by Cantor Fitzgerald from $51.00 to $58.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the stock. Cantor Fitzgerald also issued estimates for Harmony Biosciences’ FY2024 earnings at $2.53 EPS.

HRMY has been the topic of several other research reports. Oppenheimer restated an “outperform” rating and set a $59.00 price objective (up previously from $56.00) on shares of Harmony Biosciences in a report on Wednesday. Mizuho boosted their price objective on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of Harmony Biosciences in a report on Tuesday, October 29th. UBS Group initiated coverage on Harmony Biosciences in a report on Tuesday, September 10th. They set a “buy” rating and a $56.00 price objective on the stock. Finally, Raymond James reiterated an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Harmony Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY opened at $33.08 on Wednesday. Harmony Biosciences has a twelve month low of $22.89 and a twelve month high of $41.61. 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 company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 0.63 and a beta of 0.77. The firm has a 50-day moving average of $36.30 and a two-hundred day moving average of $33.15.

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

Insider Buying and Selling

In related news, insider Jeffrey Dierks sold 21,496 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a filing with the SEC, which is available at this link. 30.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Harmony Biosciences

A number of hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Harmony Biosciences by 21.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after buying an additional 360 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Harmony Biosciences by 1.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company’s stock worth $1,184,000 after purchasing an additional 397 shares during the period. Texas Permanent School Fund Corp boosted its position in Harmony Biosciences by 1.8% during the first quarter. Texas Permanent School Fund Corp now owns 28,706 shares of the company’s stock worth $964,000 after purchasing an additional 517 shares during the period. ProShare Advisors LLC boosted its position in Harmony Biosciences by 7.0% during the first quarter. ProShare Advisors LLC now owns 10,488 shares of the company’s stock worth $352,000 after purchasing an additional 684 shares during the period. Finally, Profund Advisors LLC boosted its position in Harmony Biosciences by 11.1% during the second quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock worth $228,000 after purchasing an additional 758 shares during the period. Institutional investors and hedge funds own 86.23% of the company’s stock.

Harmony Biosciences Company Profile

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.