Harmony Biosciences (NASDAQ:HRMY) Hits New 1-Year High – Here’s What Happened

Shares of Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) hit a new 52-week high during trading 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on HRMY. Wolfe Research began coverage on Harmony Biosciences in a report on Wednesday, August 26th. They issued an “outperform” rating and a $60.00 price target for the company. UBS Group reissued a “neutral” rating and set a $37.00 price objective on shares of Harmony Biosciences in a report on Wednesday, August 5th. Mizuho upped their price target on Harmony Biosciences from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. HC Wainwright reissued a “buy” rating and issued a $55.00 price target on shares of Harmony Biosciences in a report on Thursday, July 16th. Finally, Oppenheimer restated an “outperform” rating and issued a $70.00 price objective on shares of Harmony Biosciences in a research report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $47.11.

Harmony Biosciences Trading Up 4.3%

The firm has a fifty day simple moving average of $37.00 and a two-hundred day simple moving average of $32.80. The stock has a market cap of $2.39 billion, a PE ratio of 13.34, a PEG ratio of 0.36 and a beta of 0.96. The company has a current ratio of 3.48, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13.

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

Institutional Trading of Harmony Biosciences

A number of hedge funds have recently made changes to their positions in the stock. Amundi increased its stake in Harmony Biosciences by 115.6% in the first quarter. Amundi now owns 39,668 shares of the company’s stock valued at $1,229,000 after acquiring an additional 21,266 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 in the last quarter. Empowered Funds LLC purchased a new position in shares of Harmony Biosciences in the 1st quarter worth about $2,330,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of 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 raised its holdings in shares of Harmony Biosciences by 9.8% during the 2nd 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 owned by institutional investors.

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.