Harmony Biosciences’ (HRMY) “Outperform” Rating Reaffirmed at Oppenheimer

Oppenheimer reissued their outperform rating on shares of Harmony Biosciences (NASDAQ:HRMY) in a research report released on Wednesday morning, Benzinga reports. Oppenheimer currently has a $59.00 price objective on the stock, up from their prior price objective of $56.00.

A number of other brokerages have also recently commented on HRMY. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 target price on shares of Harmony Biosciences in a research report on Tuesday. Raymond James reiterated an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research report on Thursday, October 10th. Mizuho increased their target price on shares of Harmony Biosciences from $42.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Finally, UBS Group started coverage on shares of Harmony Biosciences in a research report on Tuesday, September 10th. They issued a “buy” rating and a $56.00 target price for the company. Two equities research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Harmony Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Harmony Biosciences Stock Performance

HRMY opened at $33.80 on Wednesday. The company has a quick ratio of 3.09, a current ratio of 3.13 and a debt-to-equity ratio of 0.32. The company 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 firm’s fifty day simple moving average is $36.50 and its two-hundred day simple moving average is $33.10.

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

Institutional Investors Weigh In On Harmony Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of HRMY. LSV Asset Management increased its position in Harmony Biosciences by 346.5% during the first quarter. LSV Asset Management now owns 335,146 shares of the company’s stock worth $11,254,000 after purchasing an additional 260,093 shares during the last quarter. American Century Companies Inc. increased its position in shares of Harmony Biosciences by 53.7% during the second quarter. American Century Companies Inc. now owns 681,536 shares of the company’s stock valued at $20,562,000 after acquiring an additional 238,140 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Harmony Biosciences by 56.7% during the second quarter. Renaissance Technologies LLC now owns 595,800 shares of the company’s stock valued at $17,975,000 after acquiring an additional 215,700 shares during the last quarter. Capital Management Corp VA acquired a new stake in shares of Harmony Biosciences during the first quarter valued at about $7,018,000. Finally, Marshall Wace LLP increased its position 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 during the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

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.