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

Harmony Biosciences (NASDAQ:HRMY) had its target price lifted by Cantor Fitzgerald from $51.00 to $58.00 in a research note issued to investors on Wednesday morning, 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 subject of several other reports. Raymond James reissued an “outperform” rating and issued a $40.00 price objective on shares of Harmony Biosciences in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, October 29th. Oppenheimer reaffirmed an “outperform” rating and issued a $59.00 target price (up from $56.00) on shares of Harmony Biosciences in a research report on Wednesday. Mizuho raised their target price on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Finally, UBS Group initiated coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 target price for the company. Two investment analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Harmony Biosciences Stock Up 3.0 %

Shares of Harmony Biosciences stock opened at $33.08 on Wednesday. Harmony Biosciences has a 12-month low of $22.89 and a 12-month high of $41.61. The company has a quick ratio of 3.09, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $1.89 billion, a P/E ratio of 15.68, a PEG ratio of 0.63 and a beta of 0.77. The stock has a 50 day moving average price of $36.30 and a two-hundred day moving average price of $33.15.

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

Insiders Place Their Bets

In other Harmony Biosciences news, insider Jeffrey Dierks sold 21,496 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $40.47, for a total transaction of $869,943.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 30.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HRMY. LSV Asset Management raised its stake in Harmony Biosciences by 346.5% during the first quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after acquiring an additional 260,093 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Harmony Biosciences by 53.7% in the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after buying an additional 238,140 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Harmony Biosciences by 56.7% in the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock valued at $17,975,000 after buying an additional 215,700 shares in the last quarter. Capital Management Corp VA acquired a new stake in shares of Harmony Biosciences in the first quarter valued at $7,018,000. Finally, Marshall Wace LLP increased its stake in shares of Harmony Biosciences by 145.4% in the second quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock valued at $9,220,000 after buying an additional 181,092 shares in the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

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.