Analysts Set Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) Target Price at $42.67

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY) has been given an average recommendation of “Hold” by the twelve research firms that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $42.6667.

Several analysts have issued reports on HRMY shares. UBS Group reduced their price target on shares of Harmony Biosciences from $46.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Deutsche Bank Aktiengesellschaft downgraded shares of Harmony Biosciences from a “buy” rating to a “hold” rating and set a $31.00 price target on the stock. in a report on Monday, February 23rd. Zacks Research downgraded shares of Harmony Biosciences from a “hold” rating to a “strong sell” rating in a report on Thursday, March 26th. Bank of America reduced their price target on shares of Harmony Biosciences from $32.00 to $28.00 and set an “underperform” rating on the stock in a report on Wednesday, February 25th. Finally, Needham & Company LLC reduced their price target on shares of Harmony Biosciences from $46.00 to $44.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th.

Harmony Biosciences Trading Up 0.3%

Shares of HRMY opened at $32.08 on Friday. The company has a current ratio of 3.60, a quick ratio of 3.58 and a debt-to-equity ratio of 0.17. The firm’s 50-day moving average is $29.23 and its two-hundred day moving average is $32.68. Harmony Biosciences has a twelve month low of $25.52 and a twelve month high of $40.87. The firm has a market capitalization of $1.86 billion, a P/E ratio of 11.84, a PEG ratio of 0.43 and a beta of 0.89.

Harmony Biosciences (NASDAQ:HRMY) last issued its earnings results on Tuesday, February 24th. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.46). Harmony Biosciences had a return on equity of 19.86% and a net margin of 18.29%.The company had revenue of $243.78 million for the quarter, compared to analyst estimates of $240.04 million. During the same quarter in the previous year, the company posted $0.85 earnings per share. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. On average, research analysts predict that Harmony Biosciences will post 3.33 earnings per share for the current fiscal year.

Insider Activity

In other Harmony Biosciences news, CFO Sandip Kapadia sold 3,746 shares of the company’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $37.15, for a total value of $139,163.90. Following the sale, the chief financial officer owned 24,521 shares of the company’s stock, valued at $910,955.15. This represents a 13.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 11.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Harmony Biosciences

Several institutional investors and hedge funds have recently modified their holdings of HRMY. SG Americas Securities LLC lifted its stake in shares of Harmony Biosciences by 109.9% during the first quarter. SG Americas Securities LLC now owns 2,018,174 shares of the company’s stock valued at $56,529,000 after buying an additional 1,056,507 shares during the period. Armistice Capital LLC purchased a new position in shares of Harmony Biosciences during the fourth quarter valued at approximately $18,710,000. AQR Capital Management LLC lifted its stake in shares of Harmony Biosciences by 128.9% during the fourth quarter. AQR Capital Management LLC now owns 813,889 shares of the company’s stock valued at $30,456,000 after buying an additional 458,321 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Harmony Biosciences by 42.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,295,381 shares of the company’s stock valued at $35,701,000 after buying an additional 388,472 shares during the period. Finally, UBS Group AG lifted its stake in shares of Harmony Biosciences by 213.3% during the third quarter. UBS Group AG now owns 503,081 shares of the company’s stock valued at $13,865,000 after buying an additional 342,505 shares during the period. Hedge funds and other institutional investors own 86.23% of the company’s stock.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.