Harmony Biosciences (NASDAQ:HRMY) Hits New 1-Year Low - Here's What Happened

Key Points

• Harmony Biosciences' stock price hit a new 52-week low of $26.26, closing at $26.47 with a trading volume of 335,699 shares.
• Analysts have reduced target prices for the stock, with Deutsche Bank lowering its target from $54.00 to $36.00 while maintaining a "buy" rating, reflecting mixed expectations for the company's performance.
• Despite recent challenges, Harmony Biosciences reported a year-over-year revenue increase of 16.0% but missed earnings expectations with an EPS of $0.68 compared to the consensus estimate of $0.78.

Harmony Biosciences Holdings, Inc. (NASDAQ:HRMY - Get Free Report)'s stock price hit a new 52-week low on Wednesday . The stock traded as low as $26.26 and last traded at $26.47, with a volume of 335699 shares trading hands. The stock had previously closed at $27.56.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HRMY. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Harmony Biosciences from $54.00 to $36.00 and set a "buy" rating on the stock in a report on Thursday, September 25th. The Goldman Sachs Group assumed coverage on shares of Harmony Biosciences in a research note on Thursday, July 10th. They issued a "neutral" rating and a $33.00 price target on the stock. Mizuho dropped their price target on shares of Harmony Biosciences from $50.00 to $35.00 and set an "outperform" rating on the stock in a research note on Thursday, September 25th. HC Wainwright dropped their price target on shares of Harmony Biosciences from $70.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, September 25th. Finally, Truist Financial assumed coverage on shares of Harmony Biosciences in a research note on Monday, July 21st. They issued a "buy" rating and a $48.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Harmony Biosciences currently has a consensus rating of "Buy" and an average target price of $45.50.

Harmony Biosciences Trading Down 2.8%

The company has a debt-to-equity ratio of 0.20, a current ratio of 3.84 and a quick ratio of 3.80. The firm has a market capitalization of $1.54 billion, a PE ratio of 8.64, a price-to-earnings-growth ratio of 0.34 and a beta of 0.84. The business's 50-day moving average price is $34.59 and its 200-day moving average price is $33.29.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). The business had revenue of $200.49 million for the quarter, compared to analysts' expectations of $204.37 million. Harmony Biosciences had a return on equity of 26.34% and a net margin of 23.44%.The business's revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the business posted $1.05 earnings per share. Harmony Biosciences has set its FY 2025 guidance at EPS. As a group, analysts expect that Harmony Biosciences Holdings, Inc. will post 2.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Harmony Biosciences

Hedge funds have recently modified their holdings of the business. Financial Management Professionals Inc. purchased a new position in shares of Harmony Biosciences during the first quarter worth approximately $29,000. Brooklyn Investment Group grew its position in Harmony Biosciences by 1,031.9% in the 1st quarter. Brooklyn Investment Group now owns 1,064 shares of the company's stock valued at $35,000 after buying an additional 970 shares during the last quarter. Parkside Financial Bank & Trust grew its position in Harmony Biosciences by 4,185.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,157 shares of the company's stock valued at $37,000 after buying an additional 1,130 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Harmony Biosciences in the 1st quarter valued at $57,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Harmony Biosciences by 15.6% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,218 shares of the company's stock valued at $70,000 after buying an additional 299 shares during the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

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.

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