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

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

Several other equities analysts also recently issued reports on the company. UBS Group began coverage on Harmony Biosciences in a research report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price objective for the company. Oppenheimer restated an “outperform” rating and set a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a report on Wednesday. Mizuho upped their price objective on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price target on shares of Harmony Biosciences in a report on Tuesday. Finally, Raymond James reiterated an “outperform” rating and issued a $40.00 price objective on shares of Harmony Biosciences in a report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Harmony Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Harmony Biosciences Stock Performance

NASDAQ:HRMY traded up $0.95 during trading hours on Wednesday, reaching $33.08. 5,616,157 shares of the company’s stock were exchanged, compared to its average volume of 467,488. The company has a 50-day moving average of $36.30 and a 200 day moving average of $33.12. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 15.68, a P/E/G ratio of 0.67 and a beta of 0.73. The company has a quick ratio of 3.09, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. Harmony Biosciences has a 1-year low of $22.89 and a 1-year high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The firm had revenue of $186.00 million for the quarter, compared to the consensus estimate of $184.07 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. Research analysts anticipate that Harmony Biosciences will post 2.22 EPS for the current year.

Insider Activity at Harmony Biosciences

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 transaction of $869,943.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its position in Harmony Biosciences by 0.6% during the second quarter. Pacer Advisors Inc. now owns 2,509,609 shares of the company’s stock worth $75,715,000 after acquiring an additional 14,695 shares during the period. Dimensional Fund Advisors LP raised its holdings in Harmony Biosciences by 13.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 956,785 shares of the company’s stock worth $28,871,000 after purchasing an additional 112,197 shares during the last quarter. American Century Companies Inc. lifted its stake in 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 during the period. Renaissance Technologies LLC raised its position in shares of Harmony Biosciences by 56.7% during the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock worth $17,975,000 after purchasing an additional 215,700 shares during the period. Finally, LSV Asset Management increased its holdings in Harmony Biosciences by 72.5% during the 2nd quarter. LSV Asset Management now owns 578,246 shares of the company’s stock worth $17,446,000 after purchasing an additional 243,100 shares in the last quarter. 86.23% of the stock is 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.