Harmony Biosciences (NASDAQ:HRMY) Price Target Raised to $58.00 at Cantor Fitzgerald

Harmony Biosciences (NASDAQ:HRMY) had its target price increased by Cantor Fitzgerald from $51.00 to $58.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Oppenheimer reaffirmed an “outperform” rating and set a $59.00 price target (up from $56.00) on shares of Harmony Biosciences in a research note on Wednesday. Raymond James reaffirmed an “outperform” rating and set a $40.00 price target on shares of Harmony Biosciences in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of Harmony Biosciences in a research note on Tuesday. UBS Group assumed 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. Finally, Mizuho increased their price objective on shares of Harmony Biosciences from $42.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY opened at $33.80 on Wednesday. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 0.69 and a beta of 0.73. Harmony Biosciences has a 52 week low of $22.00 and a 52 week high of $41.61. The company’s 50-day moving average price is $36.50 and its 200 day moving average price is $33.10. The company has a current ratio of 3.13, a quick ratio of 3.09 and a debt-to-equity ratio of 0.32.

Harmony Biosciences (NASDAQ:HRMY) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.15. Harmony Biosciences had a net margin of 17.53% and a return on equity of 22.97%. The company had revenue of $186.00 million for the quarter, compared to analysts’ expectations of $184.07 million. During the same period last year, the company earned $0.63 EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. As a group, research analysts forecast that Harmony Biosciences will post 2.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HRMY. LSV Asset Management raised 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 valued at $11,254,000 after buying an additional 260,093 shares during the period. American Century Companies Inc. raised its holdings in Harmony Biosciences by 53.7% in the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after buying an additional 238,140 shares during the period. Renaissance Technologies LLC raised its holdings in Harmony Biosciences by 56.7% in the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock valued at $17,975,000 after buying an additional 215,700 shares during the period. Capital Management Corp VA purchased a new position in Harmony Biosciences in the first quarter valued at approximately $7,018,000. Finally, Marshall Wace LLP raised its holdings in Harmony Biosciences by 145.4% in the second quarter. Marshall Wace LLP now owns 305,612 shares of the company’s stock valued at $9,220,000 after buying an additional 181,092 shares during the period. Hedge funds and other 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.