Harmony Biosciences (NASDAQ:HRMY) Reaches New 12-Month High – What’s Next?

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) hit a new 52-week high on Tuesday . The company traded as high as $40.90 and last traded at $40.88, with a volume of 355603 shares trading hands. The stock had previously closed at $39.38.

Analysts Set New Price Targets

HRMY has been the topic of a number of research analyst reports. Weiss Ratings upgraded shares of Harmony Biosciences from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, August 17th. Wolfe Research initiated coverage on Harmony Biosciences in a research note on Wednesday, August 26th. They set an “outperform” rating and a $60.00 target price for the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $39.00 price target on shares of Harmony Biosciences in a report on Wednesday, August 5th. Needham & Company LLC raised their price objective on shares of Harmony Biosciences from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Finally, Truist Financial boosted their target price on shares of Harmony Biosciences from $29.00 to $34.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Five equities research 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. Based on data from MarketBeat.com, Harmony Biosciences presently has a consensus rating of “Hold” and a consensus target price of $47.11.

Harmony Biosciences Trading Down 0.4%

The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 0.38 and a beta of 0.93. The company has a current ratio of 3.48, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average of $37.31 and a two-hundred day moving average of $32.89.

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

Institutional Trading of Harmony Biosciences

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