Analysts Set Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) Target Price at $55.00

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) has earned an average rating of “Buy” from the eight analysts that are currently covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $55.00.

HRMY has been the topic of several recent analyst reports. Oppenheimer restated an “outperform” rating and set a $59.00 price objective (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday, October 30th. HC Wainwright reissued a “buy” rating and issued a $75.00 target price on shares of Harmony Biosciences in a research report on Thursday, January 16th. Cantor Fitzgerald upped their price target on shares of Harmony Biosciences from $51.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 target price on shares of Harmony Biosciences in a research note on Monday, January 13th. Finally, Mizuho boosted their price objective on Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th.

Harmony Biosciences Price Performance

Shares of NASDAQ:HRMY opened at $38.01 on Wednesday. The company has a fifty day moving average of $34.86 and a 200-day moving average of $35.12. Harmony Biosciences has a 52-week low of $28.14 and a 52-week high of $41.61. The company has a market capitalization of $2.17 billion, a PE ratio of 18.01, a price-to-earnings-growth ratio of 0.51 and a beta of 0.78. 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 issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company earned $0.63 EPS. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, equities analysts predict that Harmony Biosciences will post 2.43 EPS for the current fiscal year.

Insider Transactions at Harmony Biosciences

In other Harmony Biosciences news, CFO Sandip Kapadia sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $40.18, for a total transaction of $1,004,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.13, for a total value of $774,228.09. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,419 shares of company stock valued at $3,082,455. 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 made changes to their positions in HRMY. Citigroup Inc. lifted its stake in Harmony Biosciences by 9.8% in the third quarter. Citigroup Inc. now owns 177,843 shares of the company’s stock worth $7,114,000 after acquiring an additional 15,859 shares during the period. HighTower Advisors LLC boosted its holdings in Harmony Biosciences by 364.0% in the third quarter. HighTower Advisors LLC now owns 79,961 shares of the company’s stock worth $3,199,000 after acquiring an additional 62,729 shares in the last quarter. Quest Partners LLC grew its stake in shares of Harmony Biosciences by 137.6% during the third quarter. Quest Partners LLC now owns 35,723 shares of the company’s stock worth $1,429,000 after acquiring an additional 20,689 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of Harmony Biosciences by 145.4% during the second quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock valued at $9,220,000 after acquiring an additional 181,092 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Harmony Biosciences by 68.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 230,428 shares of the company’s stock valued at $9,217,000 after purchasing an additional 93,622 shares during the last quarter. 86.23% of the stock is owned by hedge funds and other institutional investors.

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.