Harmony Biosciences’ (HRMY) Outperform Rating Reiterated at Oppenheimer

Oppenheimer restated their outperform rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research note published on Wednesday morning, Benzinga reports. The firm currently has a $59.00 target price on the stock, up from their previous target price of $56.00.

Other research analysts have also recently issued reports about the company. Raymond James restated an “outperform” rating and set a $40.00 price target on shares of Harmony Biosciences in a research note on Thursday, October 10th. UBS Group began coverage on shares of Harmony Biosciences in a research note on Tuesday, September 10th. They set a “buy” rating and a $56.00 price target on the stock. Mizuho increased their price target on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Harmony Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Harmony Biosciences Price Performance

Shares of HRMY stock traded up $0.95 on Wednesday, reaching $33.08. The company’s stock had a trading volume of 5,616,157 shares, compared to its average volume of 467,488. The stock’s fifty day simple moving average is $36.30 and its 200-day simple moving average is $33.12. Harmony Biosciences has a 1 year low of $22.89 and a 1 year high of $41.61. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 0.67 and a beta of 0.73. The company has a current ratio of 3.24, a quick ratio of 3.09 and a debt-to-equity ratio of 0.28.

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

Insider Buying and Selling at Harmony Biosciences

In related news, insider Jeffrey Dierks sold 21,496 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $40.47, for a total value of $869,943.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. LSV Asset Management increased its holdings in Harmony Biosciences by 346.5% in the first quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after purchasing an additional 260,093 shares in the last quarter. American Century Companies Inc. lifted its holdings in Harmony Biosciences by 53.7% during the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after purchasing an additional 238,140 shares during the last quarter. Renaissance Technologies LLC boosted its holdings 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 worth $17,975,000 after acquiring an additional 215,700 shares during the period. Capital Management Corp VA bought a new position in Harmony Biosciences in the 1st quarter valued at $7,018,000. Finally, Marshall Wace LLP increased its position 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 worth $9,220,000 after purchasing an additional 181,092 shares during the last quarter. Institutional investors 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.