Harmony Biosciences (NASDAQ:HRMY) Now Covered by Wolfe Research

Key Points

• Wolfe Research initiated coverage of Harmony Biosciences with an “outperform” rating and a $60 price target, implying approximately 54% upside from the prior close.
• Analyst opinion remains mixed: five analysts rate the stock a Buy, five Hold, and one Sell, resulting in an overall “Hold” consensus and an average price target of $47.11.
• Harmony reported quarterly EPS of $1.28, beating estimates of $0.96, while revenue reached $261.28 million and rose 30.3% year over year. Institutional investors own 86.23% of the company’s shares.

Analysts at Wolfe Research assumed coverage on shares of Harmony Biosciences (NASDAQ:HRMY - Get Free Report) in a research report issued on Wednesday, MarketBeat Ratings reports. The firm set an "outperform" rating and a $60.00 price target on the stock. Wolfe Research's price objective points to a potential upside of 54.04% from the company's previous close.

A number of other research analysts have also issued reports on HRMY. UBS Group restated a "neutral" rating and set a $37.00 price target on shares of Harmony Biosciences in a research note on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $39.00 price objective on shares of Harmony Biosciences in a report on Wednesday, August 5th. Weiss Ratings raised Harmony Biosciences from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, August 17th. Truist Financial raised their target price on Harmony Biosciences from $29.00 to $34.00 and gave the stock a "hold" rating in a research note on Wednesday, August 5th. Finally, Wall Street Zen raised Harmony Biosciences from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Harmony Biosciences presently has an average rating of "Hold" and a consensus price target of $47.11.

Harmony Biosciences Price Performance

Shares of NASDAQ HRMY opened at $38.95 on Wednesday. Harmony Biosciences has a fifty-two week low of $25.52 and a fifty-two week high of $40.87. The company has a market cap of $2.27 billion, a PE ratio of 12.65, a P/E/G ratio of 0.36 and a beta of 0.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.45 and a current ratio of 3.48. The business has a 50-day simple moving average of $36.51 and a two-hundred day simple moving average of $32.74.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.32. The firm had revenue of $261.28 million for the quarter, compared to the consensus estimate of $250.77 million. Harmony Biosciences had a net margin of 18.88% and a return on equity of 20.06%. The company's revenue for the quarter was up 30.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.92 earnings per share. As a group, equities analysts expect that Harmony Biosciences will post 3.77 EPS for the current fiscal year.

Institutional Trading of Harmony Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its position in Harmony Biosciences by 589.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 752 shares of the company's stock valued at $28,000 after purchasing an additional 643 shares during the period. Allworth Financial LP boosted its holdings in Harmony Biosciences by 286.7% in the fourth quarter. Allworth Financial LP now owns 812 shares of the company's stock valued at $30,000 after purchasing an additional 602 shares during the last quarter. Leonteq Securities AG acquired a new stake in Harmony Biosciences during the 4th quarter worth about $30,000. Nykredit A S acquired a new stake in Harmony Biosciences during the 2nd quarter worth about $33,000. Finally, National Bank of Canada FI purchased a new position in shares of Harmony Biosciences during the 3rd quarter valued at about $40,000. Institutional investors and hedge funds 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.

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