Harmony Biosciences (NASDAQ:HRMY) Earns Outperform Rating from Analysts at Wolfe Research

Investment analysts at Wolfe Research started coverage on shares of Harmony Biosciences (NASDAQ:HRMY) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $60.00 price target on the stock. Wolfe Research’s price target indicates a potential upside of 54.04% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Truist Financial lifted their price objective on shares of Harmony Biosciences from $29.00 to $34.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Weiss Ratings upgraded Harmony Biosciences from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, August 17th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $39.00 price target on shares of Harmony Biosciences in a research report on Wednesday, August 5th. Zacks Research cut Harmony Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen upgraded Harmony Biosciences from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Harmony Biosciences presently has an average rating of “Hold” and an average target price of $47.11.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY opened at $38.95 on Wednesday. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 12.65, a PEG ratio of 0.36 and a beta of 0.96. Harmony Biosciences has a 12 month low of $25.52 and a 12 month high of $40.87. The firm’s 50 day simple moving average is $36.51 and its 200-day simple moving average is $32.74. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.48 and a quick ratio of 3.45.

Harmony Biosciences (NASDAQ:HRMY) last posted its earnings results on Tuesday, August 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.32. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The firm had revenue of $261.28 million during the quarter, compared to analyst estimates of $250.77 million. During the same period in the previous year, the firm earned $0.92 EPS. The business’s quarterly revenue was up 30.3% on a year-over-year basis. Analysts expect that Harmony Biosciences will post 3.77 EPS for the current year.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds have recently made changes to their positions in the company. Amundi lifted its holdings in Harmony Biosciences by 115.6% in the 1st quarter. Amundi now owns 39,668 shares of the company’s stock valued at $1,229,000 after purchasing an additional 21,266 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Harmony Biosciences by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,651 shares of the company’s stock worth $752,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC acquired a new position in Harmony Biosciences during the first quarter worth about $2,330,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Harmony Biosciences by 53.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 95,389 shares of the company’s stock valued at $3,166,000 after acquiring an additional 33,058 shares in the last quarter. Finally, Cetera Investment Advisers raised its holdings in Harmony Biosciences by 9.8% in the 2nd quarter. Cetera Investment Advisers now owns 8,404 shares of the company’s stock valued at $266,000 after acquiring an additional 748 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.