Harmony Biosciences (NASDAQ:HRMY) Price Target Raised to $44.00

Harmony Biosciences (NASDAQ:HRMY) had its price objective boosted by equities research analysts at Mizuho from $42.00 to $44.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s target price would suggest a potential upside of 28.21% from the company’s current price.

Several other research analysts have also issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $50.00 target price on shares of Harmony Biosciences in a research report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft initiated coverage on Harmony Biosciences in a report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price target for the company. Finally, HC Wainwright lowered their price target on Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Harmony Biosciences currently has a consensus rating of “Buy” and an average price target of $53.33.

Harmony Biosciences Price Performance

NASDAQ HRMY opened at $34.32 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.20 and a current ratio of 3.24. The business’s fifty day moving average is $36.40 and its 200 day moving average is $35.62. The company has a market capitalization of $1.97 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 0.47 and a beta of 0.82. Harmony Biosciences has a fifty-two week low of $28.14 and a fifty-two week high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.11. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm had revenue of $201.30 million for the quarter, compared to analysts’ expectations of $201.25 million. During the same period in the previous year, the firm posted $0.45 earnings per share. The business’s revenue was up 19.5% compared to the same quarter last year. Sell-side analysts predict that Harmony Biosciences will post 2.43 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Sandip Kapadia sold 25,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total value of $1,004,500.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jeffrey M. Dayno sold 19,293 shares of the stock in a transaction that occurred on 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. Insiders sold 72,452 shares of company stock valued at $2,831,679 over the last 90 days. Corporate insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds have recently bought and sold shares of the business. FMR LLC raised its holdings in shares of Harmony Biosciences by 1.9% during the fourth quarter. FMR LLC now owns 5,329,902 shares of the company’s stock valued at $183,402,000 after acquiring an additional 101,182 shares during the last quarter. Vanguard Group Inc. increased its stake in Harmony Biosciences by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 4,733,609 shares of the company’s stock worth $162,883,000 after acquiring an additional 1,262,362 shares during the last quarter. Pacer Advisors Inc. increased its stake in Harmony Biosciences by 18.2% during the fourth quarter. Pacer Advisors Inc. now owns 2,279,918 shares of the company’s stock worth $78,452,000 after acquiring an additional 351,582 shares during the last quarter. Deep Track Capital LP acquired a new stake in Harmony Biosciences during the fourth quarter worth $49,894,000. Finally, Dimensional Fund Advisors LP increased its stake in Harmony Biosciences by 15.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,213,029 shares of the company’s stock worth $41,739,000 after acquiring an additional 160,490 shares during the last quarter. 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.