Oppenheimer Begins Coverage on Harmony Biosciences (NASDAQ:HRMY)

Analysts at Oppenheimer began coverage on shares of Harmony Biosciences (NASDAQ:HRMY) in a report issued on Monday. The firm set an “outperform” rating and a $61.00 price target on the stock. Oppenheimer’s price objective indicates a potential upside of 74.61% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Cantor Fitzgerald raised shares of Harmony Biosciences to a “strong-buy” rating in a research report on Tuesday, May 13th. Needham & Company LLC reiterated a “buy” rating and set a $49.00 price target on shares of Harmony Biosciences in a research report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft initiated coverage on Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 price target on the stock. UBS Group reduced their price objective on Harmony Biosciences from $55.00 to $48.00 and set a “buy” rating for the company in a report on Monday, April 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $70.00 price target on shares of Harmony Biosciences in a research note on Tuesday, April 8th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Harmony Biosciences presently has a consensus rating of “Buy” and a consensus target price of $53.00.

Harmony Biosciences Stock Performance

Shares of NASDAQ HRMY traded up $0.44 during mid-day trading on Monday, reaching $34.94. 77,667 shares of the company were exchanged, compared to its average volume of 606,660. The company’s 50-day simple moving average is $31.54 and its 200-day simple moving average is $33.99. The stock has a market capitalization of $2.01 billion, a P/E ratio of 16.54, a P/E/G ratio of 0.47 and a beta of 0.82. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. Harmony Biosciences has a twelve month low of $26.47 and a twelve month high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.19. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The business had revenue of $184.73 million during the quarter, compared to analyst estimates of $184.26 million. During the same quarter in the previous year, the business posted $0.67 EPS. Harmony Biosciences’s quarterly revenue was up 19.5% on a year-over-year basis. As a group, research analysts predict that Harmony Biosciences will post 2.43 earnings per share for the current year.

Institutional Trading of Harmony Biosciences

Large investors have recently modified their holdings of the company. Swiss National Bank raised its position in Harmony Biosciences by 28.2% during the fourth quarter. Swiss National Bank now owns 78,200 shares of the company’s stock valued at $2,691,000 after acquiring an additional 17,200 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of Harmony Biosciences by 50.6% in the fourth quarter. Teacher Retirement System of Texas now owns 11,801 shares of the company’s stock worth $406,000 after acquiring an additional 3,964 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of 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 purchasing an additional 1,262,362 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Harmony Biosciences by 21.8% in the fourth quarter. Two Sigma Advisers LP now owns 98,900 shares of the company’s stock valued at $3,403,000 after buying an additional 17,700 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Harmony Biosciences by 110.9% during the third quarter. Barclays PLC now owns 76,862 shares of the company’s stock worth $3,074,000 after acquiring an additional 40,416 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.