Oppenheimer Reiterates Outperform Rating for Harmony Biosciences (NASDAQ:HRMY)

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “outperform” rating reissued by research analysts at Oppenheimer in a research report issued on Wednesday, Benzinga reports. They presently have a $59.00 target price on the stock, up from their previous target price of $56.00. Oppenheimer’s target price indicates a potential upside of 68.76% from the company’s current price.

Other research analysts have also issued research reports about the stock. Needham & Company LLC restated a “buy” rating and issued a $52.00 price target on shares of Harmony Biosciences in a report on Tuesday. Raymond James restated an “outperform” rating and issued a $40.00 target price on shares of Harmony Biosciences in a research note on Thursday, October 10th. UBS Group initiated coverage on Harmony Biosciences in a research note on Tuesday, September 10th. They issued a “buy” rating and a $56.00 price target for the company. Finally, Mizuho lifted 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 research analysts have rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.00.

Harmony Biosciences Price Performance

Shares of HRMY traded down $6.53 during mid-day trading on Wednesday, reaching $34.96. 839,953 shares of the company’s stock were exchanged, compared to its average volume of 413,195. Harmony Biosciences has a 52-week low of $22.00 and a 52-week high of $41.61. 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 50-day simple moving average of $36.50 and a two-hundred day simple moving average of $33.10. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 0.69 and a beta of 0.73.

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

Institutional Investors Weigh In On Harmony Biosciences

Institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Harmony Biosciences by 21.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $80,000 after acquiring an additional 360 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Harmony Biosciences by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,272 shares of the company’s stock valued at $1,184,000 after buying an additional 397 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of Harmony Biosciences by 1.8% in the 1st quarter. Texas Permanent School Fund Corp now owns 28,706 shares of the company’s stock valued at $964,000 after buying an additional 517 shares in the last quarter. ProShare Advisors LLC increased its holdings in Harmony Biosciences by 7.0% in the first quarter. ProShare Advisors LLC now owns 10,488 shares of the company’s stock worth $352,000 after buying an additional 684 shares during the last quarter. Finally, Profund Advisors LLC raised its position in Harmony Biosciences by 11.1% during the second quarter. Profund Advisors LLC now owns 7,557 shares of the company’s stock valued at $228,000 after acquiring an additional 758 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

About Harmony Biosciences

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.