Harmony Biosciences (NASDAQ:HRMY) Price Target Raised to $48.00

Harmony Biosciences (NASDAQ:HRMY) had its price objective increased by Mizuho from $44.00 to $48.00 in a report issued on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages have also recently issued reports on HRMY. Needham & Company LLC reaffirmed a “buy” rating and set a $49.00 target price on shares of Harmony Biosciences in a research report on Tuesday, May 6th. HC Wainwright reaffirmed a “buy” rating and set a $70.00 target price on shares of Harmony Biosciences in a research report on Tuesday, April 8th. Cantor Fitzgerald raised Harmony Biosciences to a “strong-buy” rating in a research report on Tuesday, May 13th. UBS Group reduced their price objective on Harmony Biosciences from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price objective for the company. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Harmony Biosciences currently has a consensus rating of “Buy” and a consensus target price of $52.78.

Harmony Biosciences Trading Up 2.5%

Shares of NASDAQ HRMY opened at $35.07 on Thursday. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 0.47 and a beta of 0.82. The business has a 50 day simple moving average of $31.45 and a 200 day simple moving average of $33.96. Harmony Biosciences has a 52 week low of $26.47 and a 52 week high of $41.61. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, May 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.19. The firm had revenue of $184.73 million during the quarter, compared to analysts’ expectations of $184.26 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The company’s revenue was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.67 earnings per share. On average, research analysts predict that Harmony Biosciences will post 2.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HRMY. Deep Track Capital LP acquired a new position in Harmony Biosciences during the fourth quarter worth $49,894,000. Vanguard Group Inc. raised its stake in Harmony Biosciences by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company’s stock worth $162,883,000 after acquiring an additional 1,262,362 shares in the last quarter. Marshall Wace LLP raised its stake in Harmony Biosciences by 165.2% during the fourth quarter. Marshall Wace LLP now owns 929,744 shares of the company’s stock worth $31,992,000 after acquiring an additional 579,103 shares in the last quarter. New Vernon Capital Holdings II LLC raised its stake in Harmony Biosciences by 3,219.0% during the first quarter. New Vernon Capital Holdings II LLC now owns 488,424 shares of the company’s stock worth $16,211,000 after acquiring an additional 473,708 shares in the last quarter. Finally, Norges Bank acquired a new position in Harmony Biosciences during the fourth quarter worth $16,118,000. 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.